US president to forgive nearly $5B in student debt for another 74,000 Americans

By Diyar Guldogan

WASHINGTON (AA) - The Biden administration announced Friday that it would forgive nearly $5 billion for another 74,000 student loan borrowers across the US.

Of these borrowers, almost 44,000 are teachers, nurses, firefighters, and other individuals who earned forgiveness after 10 years of public service, according to a White House statement. Close to 30,000 borrowers have been on an income-driven repayment program for 20 years.

"My Administration is able to deliver relief to these borrowers – and millions more – because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law," Biden said.

With the latest round of student loan forgiveness, over 3.7 million Americans have had their debt erased under his administration, he added.

"From Day One of my Administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity – not unmanageable burdens of student loan debt".

"I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams," he added.