Biden Administration Announces $42 Billion In Student Loan Forgiveness As Public Service Relief Continues

The Education Department announced that it has approved $42 billion in student loan forgiveness for at least 615,000 borrowers under new flexibilities for public servants.

The approvals show substantial progress in the Biden administration’s efforts to broadly cancel the federal student loan debt for borrowers who have devoted their careers to nonprofit and government work. The updated statistics show that over 160,000 additional borrowers have been approved for student loan forgiveness under the initiative since the department last updated its statistics in February.