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Biden says he is forgiving $5 billion in student debt for another 74,000 Americans (www.cbsnews.com)

submitted 11 months ago by MicroWave to c/news

117 comments fedilink hide all child comments

President Biden announced Friday that his administration is forgiving $5 billion in student debt for another 74,000 borrowers, marking the latest round of debt cancellation since the Supreme Court voided the president's student loan forgiveness program.

Mr. Biden said that of the borrowers who can receive relief, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service. Almost 30,000 of those who will have their debt wiped clean have been repaying their loans for at least 20 years, but did not get the relief they earned through income-based plans, the president said.

With the latest round of student loan forgiveness, more than 3.7 million Americans have had their debt erased under the Biden administration, Mr. Biden said.

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[–] OmenAtom 22 points 11 months ago (1 children)

Many people end up owing more than they borrowed due to predatory lending and interest rates.