Another 74,000 US borrowers will have their student loan debt forgiven – a total of nearly $5bn, the White House announced on Friday.
Many of these borrowers are public service workers, such as firefighters, nurses and teachers. They qualify to have their student loans forgiven because of 10 or more years of service.
Of the group, 30,000 have been paying back their student loans for at least 20 years.
The total number of borrowers with forgiven student loans in the Biden program now totals 3.7 million Americans, the administration said.
“From day one of my administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity – not unmanageable burdens of student loan debt,” Joe Biden said in a statement. The US president added: “I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams.”
