- NEWS Desk Global
BIDEN ADMINISTRATION WILL FORGIVE $4.9 BILLION IN STUDENT DEBT FOR 73,600 BORROWERS
On Friday, the Biden administration said it would forgive $4.9 billion in student debt for 73,600 borrowers. It's a result of the U.S. Department of Education's to fix the income-driven repayment plans and Public Service Loan Forgiveness Program. The Biden-Harris Administration has worked hard to fix our country's broken student loan system.
Around $1.7 billion of the aid will go to 29,700 borrowers enrolled in income-driven repayment plans which are supposed to lead to debt forgiveness. Usually, this hasn't always happened since loan service people failed to keep track of borrowers' payment. 43,900 borrowers from public service will receive $3.2 billion in loan cancellation. As of now, the Biden administration has cancelled more than $136 billion in student debt for more than 3.7 million Americans.