The administration of the President of the United States of America (USA) Joe Biden announced today that it will write off close to five billion dollars for another 74,000 student loan borrowers across the country.
“Of these borrowers, close to 44,000 are teachers, nurses, firefighters and other individuals who have earned forgiveness after ten years of public service,” the White House said in a statement.
Nearly 30,000 borrowers have been using the income-based repayment program for 20 years.
“My administration is able to provide relief to these borrowers and millions of others because of the fixes we made to broken student loan programs that prevented borrowers from getting the relief they were entitled to under the law,” said US President Biden.
With the latest round of student loan forgiveness, more than 3.7 million Americans have been wiped off the debt list during the tenure of the Biden administration.
“From day one of my administration, I promised to improve the student loan system so that higher education provides Americans with opportunity and prosperity, not unsustainable debt burdens. “I will not stop using every tool at our disposal to give student loan borrowers the relief they need to achieve their dreams,” Biden said.