The Biden administration announced today that it is forgiving another $9 billion in student loans for borrowers who have been on an income-driven repayment (IDR) and Public Service Loan Forgiveness plan, The Hill reported. The $9 billion will forgive the debt of 125,000 borrowers, with 53,000 getting relief under the Public Service Loan Forgiveness program, 51,000 through an IDR plan and 22,000 who have a total or permanent disability. Those on the IDR plan have been making payments for more than 20 years but never got the student debt relief they were promised, according to the White House. The Public Service Loan Forgiveness program includes those who have been working in a government position or nonprofit for more than ten years. The relief helps only a small portion of student loan borrowers as more than 45 million people still hold $1.75 trillion in student loans, while college prices continue to increase.
