Thousands more public servants will soon see their student loan balances reduced or erased, the Biden administration announced on Thursday. The relief is part of the administration鈥檚 efforts to overhaul the nation鈥檚 Public Service Loan Forgiveness program (PSLF).
鈥淭his is relief that will bring real change in [borrowers鈥橾 lives, and marks another win for this Administration鈥檚 relentless and unapologetic work to fix a broken student loan system,鈥� said U.S. Education Secretary Miguel Cardona in a statement.
The Biden administration approved roughly $1.2 billion in student loan relief for about 35,000 borrowers who work in public service, including as firefighters, social workers and teachers. Under PSLF, borrowers in qualifying lines of work can have their remaining balances forgiven on eligible loans after making 120 monthly payments.
As of Thursday鈥檚 announcement, the Biden administration had discharged $69.2 billion in debt through PSLF for over 900,000 borrowers.
The administration in 2022. Prior to Biden鈥檚 presidency, only 7,000 people had received debt relief under PSLF.
PSLF is the administration has pursued in its efforts to provide student loan borrowers with debt relief. Those larger efforts have drawn from for executive overreach and placing an unfair burden on taxpayers.
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