The Biden administration has recently declared an additional $4.
28 billion in student debt cancellation, a move that will benefit public service workers across the nation.
This latest round of loan forgiveness will impact 54,900 individuals, pushing the administration's total loan forgiveness to a staggering $180 billion, as per the Education Department's data.
As reported by The Post Millennial, Education Secretary Miguel Cardona praised the additional loan forgiveness, stating, "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."
Cardona continued, "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 attributed the success of the Public Service Loan Forgiveness Program to the leadership of President Biden and Vice President Harris, who he said are "relentlessly and unapologetically focused on making government deliver for everyday working people."
The Public Service Loan Forgiveness Program, signed into law by then-President George W. Bush in 2007, was established by a bipartisan vote of Congress. The program allows borrowers who have made ten years of payments while working in certain public service occupations, such as teaching, nursing, or nonprofit employment, to have their loans forgiven.
The Education Department's statement explained, "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."
During his 2020 presidential campaign, Biden pledged to forgive student loans for millions of Americans. However, his attempts to use taxpayer funds to wipe out hundreds of billions of dollars in college graduate debt have been met with numerous legal hurdles.
After the Supreme Court rejected the Biden administration's broad-based student loan forgiveness plan, deeming it an overreach of the executive branch, the president and his team have been exploring alternative methods.
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