Joe Biden forgives $5 billion in student loan debt ahead of presidential election

Reuters reported that US President Joe Biden on Friday (local time) announced student debt cancellation of nearly $5 billion for an additional 74,000 borrowers

Reuters reported that US President Joe Biden on Friday (local time) announced student debt cancellation of nearly $5 billion for an additional 74,000 borrowers, including more than half who earned forgiveness after 10 years of public service as teachers, nurses and firefighters.

The White House announcement brings the total loan forgiveness approved by the Biden-Harris administration to $136.6 billion for more than 3.7 million Americans.

Nearly 44,000 of the borrowers approved for relief are those with a decade of public service, with close to 30,000 people who have been repaying their loans for at least 20 years but never got the relief through income-driven repayment plans.