President Joe Biden announced this week that his administration has signed off on $9 billion in student loan debt forgiveness for 125,000 people across the United States.
“By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order,” Biden said in remarks at the White House on Wednesday.
Here’s what you need to know about how the relief program will work, and what it might mean for you.
More than $5.2 billion in new debt relief will go to 53,000 borrowers under Public Service Loan Forgiveness programs, which cover people who worked in public service for a decade or more and made 120 qualifying payments. (The White House says eligible borrowers include people who worked for federal, state, local or tribal governments, or a nonprofit group.)