The Biden administration announced it would cancel $5 billion in debt for 74,000 student loan borrowers who spent decades working in public sector jobs.
President Joe Biden said in a statement Friday that 44,000 of the approved borrowers had worked in the public sector for 10 years as teachers, nurses and firefighters. Nearly 30,000 borrowers had worked toward student loan repayment for at least 20 years, but “never got the relief they got through income-based repayment,” he said.
“My administration is able to provide relief to these borrowers, and millions more, because of the fixes we made to broken student loan programs that prevented borrowers from getting the relief they were entitled to under the law,” said the president
Student loan cancellations are a major focal point for Biden's presidential agenda and re-election campaign, which suffered a blow after the Supreme Court struck down his prized debt relief plan student loans last year to pay off $400 billion in student debt at once. The high court ruled that the plan was illegal, since it did not get the explicit approval of Congress. Since then, the White House has rolled out smaller relief plans.
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