Trending

Student loan forgiveness: More than 80,000 borrowers get debt erased

The Public Service Loan Forgiveness program allows certain public-sector employees to have their remaining debt forgiven after they have made 10 years' worth or payments, or if they "have been in repayment for at least 20 years – but didn't accurately get credit for student loan payment," the White House said in a statement.

More than 80,000 student loan borrowers have been approved for debt forgiveness after the Department of Education corrected the way payments were made to the Public Service Loan Forgiveness program, the White House announced Wednesday.

>> Read more trending news

The Public Service Loan Forgiveness program allows certain public-sector employees to have their remaining debt forgiven after they have made 10 years’ worth of payments, or if they “have been in repayment for at least 20 years – but didn’t accurately get credit for student loan payment,” the White House said in a statement.

“Today my Administration is approving another $4.8 billion in student debt cancellation for 80,300 people,” Biden said in a statement. “This relief is thanks to my Administration’s efforts to fix Public Service Loan Forgiveness, so teachers, members of the military, nurses, and other public service workers get the relief they have earned.”

The $4.8 billion in relief brings the total of approved debt cancellation by the administration to $132 billion for over 3.6 million Americans, according to the White House.

Borrowers can visit studentaid.gov to apply for this latest round of forgiveness.