Biden cancels nearly $6 billion in student loans for 78,000 public service workers

FILE - Firefighters watch as the Fairview Fire burns on a hillside, Sept. 8, 2022, near Hemet, Calif. The Biden administration announced Thursday that 78,000 public service workers will have nearly $6 billion in student loans canceled through the Public Service Loan Forgiveness.

Those receiving forgiveness will receive an email from President Biden thanking them for their service, according to the. An additional 380,000 borrowers will also be notified that if they continue their public service work, they will be eligible for forgiveness within two years. But when the first wave of workers hit their 10-year mark, the vast majority were rejected. Many didn’t realize their loans weren’t eligible under the program's rules, and many had been improperly steered into forbearance by their loan servicers, putting a temporary pause on payments and halting their progress toward cancellation.

Nearly $144 billion in federal student loans through the public service program and others have now been canceled under the Biden administration.on Oct. 1 after the final pause of the payment moratorium came to a close.

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