By Nikki Carvajal and Katie Lobosco | CNN
Washington — The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday.
The cancellations announced Wednesday come through three different existing debt relief programs that have been plagued with problems in the past. The White House is conducting what it calls “fixes” to a “broken student loan system.”
An additional 53,000 borrowers will receive debt cancellation under the Public Service Loan Forgiveness program, which wipes away remaining student loan debt after qualifying public sector workers make 10 years’ worth of monthly payments.
Nearly 51,000 borrowers, who have been in repayment for at least 20 years, are getting relief thanks to a recount of their past payments. The administration has found that these borrowers already qualified for student loan forgiveness but were missing out because of past administrative errors.
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