Biden administration cancels another $1.2 billion in student loans for public service workers

The Biden administration is cancelling an additional $1.2 billion in student loans for borrowers who work in public service through changes to an existing forgiveness program. The relief for roughly 35,000 borrowers was announced Thursday by the Education Department and made through changes to the Public Service Loan Forgiveness program, which benefits workers such as teachers, nurses and firefighters. Those qualifying for forgiveness have their remaining loan balance eliminated after making 120 qualifying monthly payments.