On Friday, President Biden announced that he would cancel more student loans for tens of thousands of public sector employees. This could be his final major move before leaving office next month.
After a series of changes to the Public Service Loan Forgiveness Program, the administration announced that it would spend $4.3 billion to forgive student loans for 55,000 workers.
The Biden-Harris administration made a promise to America’s educators, service members, and nurses, as well as first responders and other public employees, four years ago. I am proud to report that we have delivered on that promise,” said Secretary of Education Miguel Cardona.
Cardona said, “With the approval for another $4.28 Billion in loan forgiveness to nearly 55,000 public employees, the Administration secured nearly $180 Billion in life-changing relief from student debt for nearly five million borrowers. The U.S. Department of Education’s successful transformation of the PSLF Program shows what is possible when leaders like Vice President Harris and President Biden are unrelentingly focused on making the government work for working people.”
The Biden administration announced Friday that it would forgive $180 billion of student loan debt for 5,000,000 borrowers.
More than a billion Americans have received relief of $78 billion under the PSLF.
According to the Associated Press, Biden has also withdrawn some of his unfinished plans for student debt relief. These include forgiveness for those who are in hardship.
According to reports, Biden is scrapping the regulations that are in place so that the Trump administration cannot easily come in and modify the plans for moving forward measures that could harm student loan forgiveness. If President-elect Trump wants to make changes, he will need to go through a lengthy process that could take months or years.
We reached out to the Department of Education to get a comment, but they haven’t responded yet.
