Three categories of borrowers were selected for debt cancellation.
The Education Department announced the latest round of student loan borrowers selected for debt relief. Three categories of borrowers will receive a collective $7.7 billion in canceled student loans. The majority of this debt relief is being granted to public service workers who took out student loans to advance their careers. The remainder is granted to those who took out less than $10,000 in federal loans or those enrolled in income-driven repayment plans.
“The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it,” said Secretary Miguel Cardona. “One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted.”
As the Lord Leads, Pray with Us…
- For the president and education secretary as they assess the student loan debt relief impact on the U.S. economy.
- For discernment for U.S. economic officials as the administration’s policies are implemented.
Sources: Department of Education
