President Joe Biden has said that he will cancel $6.2 billion in student loan debt. The U.S. Department of Education is set to forgive 100,000 people of their student loan debt. Biden put in place the Public Service Loan Forgiveness program in October of 2021.
The Department of Education will notify those who are eligible for the Student Loan forgiveness. Some of those who won’t be eligible have are ones who have private student loans and those who make a high salary ($300,000 or more a year). The focus on Student loan forgiveness this time are students who are public servants, students with permanent disabilities, and students who were misled by their college or university.
targeted student loan cancellation for specific student loan borrowers such as public servants, student loan borrowers with a permanent disability, and student loan borrowers who were misled by their college or university