Biden Announces $42 Billion Student Loan Forgiveness
Written by Karolyn Hairston on May 8, 2023
The Education Department announced that it has approved $42 billion in student loan forgiveness for at least 615,000 borrowers under new flexibilities for public servants.
The Biden administration has implemented the unprecedented student loan forgiveness relief through temporary flexibilities under the Public Service Loan Forgiveness program, or PSLF. The PSLF program can cancel the federal student loan debt for borrowers who work as employees for nonprofit or government organizations.
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