Biden administration forgives nearly $6B in student loans for public service workers

The Biden administration said on Thursday that it is forgiving nearly $6B in student loans for an additional 78,000 public service workers through its Public Service Loan Forgiveness program.

The current student debt relief effort will affect teachers, nurses, firefighters and other public service workers. The Biden administration said in its briefing it has cancelled student debt for over 870,000 public service workers so far.

Around 4M citizens in total have had their student debt forgiven under the administration through various relief programs, the White House said in a statement.

Last month, the government approved $1.2B in loan forgiveness for almost 153,000 borrowers, who are eligible for a reduced timeline to forgiveness under the Saving on a Valuable Education (“SAVE”) Plan.

Tickers related to student loans: SoFi Technologies (SOFI), Navient (NAVI), NelNet (NNI), SLM Corp. (SLM).

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