Biden admin to forgive another $4.28 BILLION in student debt
The relief will benefit 54,900 people, bringing the administration’s total loan forgiveness to over $180 billion, according to the Education Department.
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The relief will benefit 54,900 people, bringing the administration’s total loan forgiveness to over $180 billion, according to the Education Department.
On Friday, the Biden administration announced $4.28 billion in additional student debt cancellation for borrowers who work in public service across the country. The government funds will benefit 54,900 people, bringing the administration's total loan forgiveness to over $180 billion, according to the Education Department.
Education Secretary Miguel Cardona lauded the extra loan forgiveness, writing in a statement, "Four years ago, the Biden-Harris Administration made a pledge to America's teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I'm proud to say that we delivered."
"With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 public servants, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers," he continued. "The US Department of Education's successful transformation of the PSLF Program is a testament to what's possible when you have leaders, like President Biden and Vice President Harris, who are relentlessly and unapologetically focused on making government deliver for everyday working people."
In 2007, then-President George W. Bush signed the Public Service Loan Forgiveness Program into law after it was established by a bipartisan vote of Congress. Borrowers who complete ten years of payments while working in certain public service occupations, such as teaching, nursing, or nonprofit employment, get their loans forgiven under the program.
"The relief announced today includes both borrowers who have benefitted from the Administration's limited PSLF waiver, a temporary opportunity that ended in October 2022, as well as from regulatory improvements made to the program during this Administration," the release said.
Biden committed to forgiving student loans for millions of Americans during his 2020 presidential campaign. However, the president has encountered numerous legal obstacles in his endeavor to user taxpayer funds to eliminate hundreds of billions of dollars for college graduates, Fox News reported. The president and his staff explored alternative methods of providing handouts after the Supreme Court rejected the Biden administration's broad-based student loan forgiveness plan, ruling that it was an overreach of the executive branch.
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