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Benzinga
  • 2 years ago
The Biden administration announced it will forgive $4.9 billion in student loan debt for 73,600 borrowers. This relief is a result of fixes made to income-driven repayment plans and the Public Service Loan Forgiveness program by the U.S. Department of Education. Around $1.7 billion will go towards forgiving debt for 29,700 borrowers enrolled in income-driven repayment plans, which are meant to lead to forgiveness after a certain period of payments. Another 43,900 participants in the Public Service Loan Forgiveness program will be granted $3.2 billion in loan cancellation.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 The Biden administration announced it will forgive $4.9 billion in student loan debt for
00:06 73,600 borrowers. This relief is a result of fixes made to income-driven repayment plans
00:13 in the Public Service Loan Forgiveness Program by the U.S. Department of Education.
00:17 Around $1.7 billion will go towards forgiving debt for 2,900 borrowers enrolled in income-driven
00:23 repayment plans, which are meant to lead to forgiveness after a certain period of payments.
00:27 Another 43,900 participants in the Public Service Loan Forgiveness Program will be
00:32 granted $3.2 billion in loan cancellation. The total student debt canceled under Biden is now
00:38 over $136 billion for more than 3.7 million Americans. For all things money visit Benzinga.com
00:45 [BLANK_AUDIO]
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