Biden $6B Student Loan Rescue for Public Service Workers

GraduatePhoto byBigger SmilesonUnsplash

President Biden cancelled the student loan debt for almost 80,000 public service workers like firefighters, nurses, and teachers. A $6 billion dollar package will cancel loans which now totals over 870,000 people. thousands of other people will be notified by mail soon if their loans are within two years of being paid off.

Americans are carrying about $1.77 trillion in student debt, a financial burden that some college grads say has made it tougher to achieve financial milestones like buying a home.

Under the PSLF (public service loan forgiveness) program. previously only about 7,000 people qualified due to convoluted regulations and loan service companies which gave misleading guidance. The number jumped to about 870,000 under the program.

Public Service workerPhoto byCDConUnsplash

Letters from the President notifying people of the loan forgiveness also encourage them to remain in the public sector helping society for the benefit of all.