Joe Biden Announces Another Student Loan Cancelation for 74,000 Borrowers: Here's Who Qualifies
By Jace Dela Cruz
Jan 20, 2024 03:57 AM EST
Jan 20, 2024 03:57 AM EST
President Joe Biden has announced an additional $5 billion in debt cancelation for some 74,000 student loan borrowers, many of whom worked in public sector jobs for over a decade.
According to NBC News, Joe Biden announced on Friday that 44,000 approved borrowers were having their education debt canceled after 10 years of public service. In a statement, the president noted that these borrowers include teachers, nurses, and firefighters.
On the other hand, the remaining nearly 30,000 borrowers, Biden said, have been making payments on their loans for at least 20 years but did not get relief through income-driven repayment plans.
The announcement is the latest in a series of loan forgiveness actions by the Biden administration after the Supreme Court struck down the president's much broader student loan relief plan last year. Since the ruling, the administration has rolled out a series of smaller relief programs.
On Friday, Biden said his administration "was able to deliver relief to these borrowers - and millions more - because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law."
The White House said this brings the total number of people who had their debt canceled under the Biden administration to 3.7 million.
According to the Department of Education (DOE), the latest round of student loan forgiveness is broken down into the following categories:
Friday's announcement follows Biden's action last week for student loan borrowers enrolled in the new income-driven repayment plan called SAVE.
Borrowers enrolled in SAVE who received less than $12,000 in federal loans and have been making payments for at least 10 years will have their remaining student debt canceled in February.
Those who want to apply for student loan relief can find additional information at studentaid.gov and sign up for the SAVE plan at StudentAid.gov/save.
READ MORE: Joe Biden Announces Student Loan Cancelation for Some Borrowers
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