The Biden administration announced the cancellation of $4.5 billion in student debt for over 60,000 borrowers under the Public Service Loan Forgiveness program. This marks the latest move in a series of changes designed to fix the troubled program. Since President Joe Biden took office, the number of borrowers receiving relief under PSLF has surpassed 1 million. The PSLF program, established in 2007, helps government and nonprofit workers cancel their federal loans after ten years. It had a high rejection rate before Biden’s reforms. The Department of Education has since eased requirements to expand access.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Biden administration announced the cancellation of $4.5 billion in student
00:06debt for over 60,000 borrowers under the Public Service Loan Forgiveness Program.
00:11This marks the latest move in a series of changes designed to fix the troubled program.
00:16Since President Joe Biden took office,
00:17the number of borrowers receiving relief under PSLF has surpassed 1 million.
00:22The PSLF program, established in 2007,
00:25helps government and non-profit workers cancel their federal loans after 10 years.
00:30It had a high rejection rate before Biden's reforms.
00:33The Department of Education has since eased requirements to expand access.