Biden administration forgives $6 billion in student debt. Here's who qualifies for forgiveness.
CBSN
The Biden administration on Thursday said it is forgiving almost $6 billion in student debt for 77,700 borrowers, with those recipients scheduled to receive an email from President Joe Biden alerting them about their debt cancellation.
The people who qualify for the latest round of student loan forgiveness are public service employees, such as teachers, nurses, social workers and firefighters, the White House said in a statement. On a per-person basis, the forgiveness amounts to about $77,000 per person.
Ever since the Supreme Court last year invalidated the Biden administration's plan for broad-based student loan forgiveness, the Biden administration has sought to rely on existing and new loan repayment plans to provide debt relief to almost 4 million people. Americans are carrying about $1.77 trillion in student debt, a financial burden that some college grads say has made it tougher to achieve financial milestones like buying a home.
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