The Biden Administration is set to cancel over $6 billion in student loan debt.
The debt cancellation comes as part of the Public Service Loan Forgiveness program which added another 30,000 borrowers. The program will wipe away debt after a period of on-time payments for 10 years. CNN reports that at least 100,000 borrowers are eligible for the PSLF program for a cancellation of approximately $6.2 billion.
“Our nation’s public service workers must be able to rely on the promise of Public Service Loan Forgiveness. The Biden-Harris administration is delivering on that promise by helping more and more eligible borrowers get their loan balances forgiven,” Education Secretary Miguel Cardona said in a statement. “The PSLF announcement made today means more of our dedicated teachers, nurses, first responders, service members, and many other public service workers will get meaningful relief.”
Despite the new development, the Biden Administration still hasn’t cancelled the $10,000 in student debt per borrower.