Student loan forgiveness: $5.8 billion in forgiveness approved for 78,000 borrowers

Almost 78,000 borrowers will have their student loan debt wiped out under the latest White House relief plan.

The $5.8 billion in debt relief is a combination of recent changes to how the Public Service Loan Forgiveness plan is administered. Those who qualify include public service employees such as teachers, nurses, social workers and firefighters with an average forgiveness amount of $77,000 per person. The PSLF relief comes after a change in rules that gives credits for past payments.

READ MORE: Student loan forgiveness: $1.2 billion in loans dismissed now, White House announces

“For too long, our nation’s teachers, nurses, social workers, firefighters, and other public servants faced logistical troubles and trap doors when they tried to access the debt relief they were entitled to under the law,” U.S. Secretary of Education Miguel Cardona said in a statement. “With this announcement, the Biden-Harris Administration is showing how we’re taking further steps not only to fix those trap doors, but also to expand opportunity to many more Americans.”

Total relief through PSLF is now at $62.5 billion for 871,000 borrowers, according to the Department of Education. In Alabama, 13,070 have received some $1.03 billion in relief under PSLF.

In addition to the current round of loan forgiveness, an email from President Biden will be sent within two weeks to an additional 380,000 public service workers notifying them they are on track to have their debt canceled through PSLF within two years, or 24 qualifying payments.