Biden forgives another $5 billion in student loans for 74K borrowers

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The Biden administration on Friday announced another $5 billion in debt forgiveness for 74,000 student loan borrowers.

Although the Supreme Court blocked Biden’s signature student loan forgiveness plan, his administration has found alternative ways to provide relief to more than 3.7 million people.

The batch of debt cancellation announced Friday stemmed, in part, from his administration’s changes to the Public Service Loan Forgiveness (PSLF) program.

The majority of borrowers who will benefit from the latest round of forgiveness are teachers, nurses, firefighters and other public service professionals, per a White House release.

The remaining borrowers who will benefit have repaid their loans for at least 20 years but never got the relief they were entitled to under their income-driven repayment plans.

Biden said in a statement his administration would continue to find other ways to forgive loans held by “as many borrowers as possible.”

“I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to achieve their dreams,” he said.