TeamDML offers insights, opinions, podcasts, videos and other forms of content intended to educate and better explain trending news that is made available to the public by third parties. In this particular case, we refer to an excerpt from ABCNews.GO.com:
President Joe Biden will announce Thursday that about 78,000 public service workers will have their student loans forgiven by his administration.
The workers, which include teachers, nurses, firefighters and others, have “dedicated their careers to serving their communities,” Biden said in a statement.
The debt cancellations will bring his administration’s total forgiveness to about $144 billion for nearly 4 million Americans, according to the White House.
Biden’s Education Department announced Thursday morning, “The Biden-Harris Administration is announcing $5.8 billion in additional student loan debt relief for 77,700 borrowers – the result of fixes to the Public Service Loan Forgiveness (PSLF) program.”
BREAKING: The Biden-Harris Administration is announcing $5.8 billion in additional student loan debt relief for 77,700 borrowers – the result of fixes to the Public Service Loan Forgiveness (PSLF) program.https://t.co/Bcg6EWoDEn pic.twitter.com/vMsv4pZg9t
— U.S. Department of Education (@usedgov) March 21, 2024
From a press release posted on the DOE website:
These approvals are the result of fixes made by the Administration to Public Service Loan Forgiveness (PSLF). Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $143.6 billion for 3.96 million Americans. This action builds on President Biden and his Administration’s efforts to provide debt relief to as many borrowers as possible as quickly as possible.
“For too long, our nation’s teachers, nurses, social workers, firefighters, and other public servants faced logistical troubles and trap doors when they tried to access the debt relief they were entitled to under the law. With this announcement, the Biden-Harris Administration is showing how we’re taking further steps not only to fix those trap doors, but also to expand opportunity to many more Americans,” said U.S. Secretary of Education Miguel Cardona. “Today, more than 100 times more borrowers are eligible for PSLF than there were at the beginning of the Administration. The Biden Administration is turning a promise broken under our predecessor into a promise kept.”
The debt relief announced today includes borrowers who have benefitted from the Biden-Harris Administration’s limited PSLF waiver as well as regulatory improvements made to the program by the Administration. Total relief through PSLF is now $62.5 billion for 871,000 borrowers since October 2021. Prior to the Biden-Harris Administration’s fixes to PSLF, only about 7,000 borrowers had ever received forgiveness.
“The Biden-Harris Administration is proud to provide relief for another 77,700 borrowers who have given back to their communities through public service,” said U.S. Department of Education Under Secretary James Kvaal. “We hope this relief provides borrowers and their families some much needed breathing room.”
In another strategic move, the press release also states that Biden will be sending out emails:
An additional nearly 380,000 borrowers who are within two years, or 24 qualifying payments, of receiving forgiveness under PSLF will also receive an email from President Biden starting next week thanking them for their service and notifying them that if they continue in their public service work, they will be eligible for forgiveness within that time frame: “The Public Service Loan Forgiveness Program is an important way to bring more Americans into public service and help them get out from under the burden of student loan debt. But for too long, the program failed to live up to its commitments – and public service workers like you never got the relief you are entitled to under the law because of errors and administrative failures. I vowed to fix that, and I’m proud that my Administration has delivered on that promise,” the email from President Biden notes. “I hope you continue the important work of serving your community – and if you do, in less than two years you could get your remaining student loans forgiven through Public Service Loan Forgiveness,” the President adds.
JUST IN: President Joe Biden will announce Thursday that about 78,000 public service workers will have their student loans forgiven by his administration. https://t.co/NBw04wqWVb
— ABC News (@ABC) March 21, 2024
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