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.
