Biden bails out 74k student loan borrowers with $5B in canceled debt

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The Biden administration has approved an additional $5 billion in debt cancelation for roughly 74,000 student loan borrowers, the White House said in a statement Friday.

President Biden said many of the borrowers impacted by his latest student loan debt handout are public sector workers, like teachers and firefighters, who will have their debt erased after 10 years of public service. Nearly 30,000 borrowers impacted have been in repayment for at least 20 years “but never got the relief they earned through income-driven repayment plans,” Biden said.

The latest round of student debt cancelation brings the total amount canceled under Biden to $136.6 billion for more than 3.7 million Americans, according to the Department of Education. It comes after the U.S. Supreme Court blocked Biden’s initial student loan handout last year, which would have cost more than $400 billion.

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