The Biden administration announced a new round of student loan forgiveness totaling 1.2 billion dollars for 35 thousand borrowers. This round of forgiveness is through an overhaul of the 2007 Public Service Loan Forgiveness (PSLF) initiative, which applies to certain not-for-profit and government workers.

Yahoo Finance anchor Rachelle Akuffo breaks down three things to know about the announcement.

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This post was written by John Lesinski