According to the Biden Administration, a plethora of United States citizens will be receiving an approximate total of $6 billion subtracted from their federal student loan debts. Officially announced this past Wednesday, March 9, 2022, the U.S. Education Department declared that they have recently come across an extra ‘30,000 borrowers’ who qualify for Public Loan Forgiveness; a program that exemplifies student loan debt for those who have continuously made monthly payments for a consistent 10 years.
Education Secretary Miguel Cardona previously gave a public announcement in light of the recent news: “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… 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.”
Officials have made it known that the remainder of student loan debt in this specific situation is presently planned to commence on May 1 of this year. Even with this move, the United States will still withhold a total of approximately $1.7 trillion in student loan debts as they begin to move forward in attempting to help citizens who have trapped themselves in unforgiving debt.