The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.
President Joe Biden announced Thursday that the White Househas approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.
The 78,000 eligible public service workers include teachers, nurses and firefighters, according to the White House.
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It’s the latest student debt cancellation move through Public Service Loan Forgiveness programs, which allow eligible borrowers to have their remaining debt forgiven if they have made a certain number of payments and are working for approved employers.
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Last year, the Supreme Court invalidated Biden’s more far-reaching student loan debt relief plan, arguing that it was unlawful because Congress did not explicitly approve the move.
Had student loan debt and the chance to become a public servant at the beginning of my career. It would’ve meant making regular payments for a long time until eventually the debt was forgiven. It also would’ve meant sticking with the government and the low government salary. I decided I didn’t trust the government to actually forgive the loans and why make that bet when the government salary is low anyway?
Under Trump, the DoE basically thumbed its nose at people in this program and claimed only some handful actually qualified. I took that as a sign that I was right.
In any case, I’m glad to see people actually getting their loan forgiveness, even if it is a bad deal.