Biden Moves to Forgive Nearly $5 Billion in Student Loans
- Access to programs for government, nonprofit workers expanded
- Administration has now forgiven around $132 billion of loans
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President Joe Biden moved to forgive $4.8 billion in student loans Wednesday, providing relief to more than 80,000 borrowers including public sector employees and Americans who have been repaying their federal debts for decades.
The move implements regulatory changes taken by the administration to expand access to existing programs. Under new rules, the US wiped out $2.6 billion in loans for more than 34,000 federal, state, local, and nonprofit employees, including teachers and members of the military.