The Biden administration announced another $4.28 billion in student loan relief as President Biden and Vice President Harris prepare to leave the White House.
The massive loan issuance will provide loan waivers to 54,900 civil servants.
“Four years ago, the Biden-Harris Administration made a promise to America’s teachers, military, nurses, first responders and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say we delivered,” Secretary of Education Miguel Cardona said in a news release on Friday.
The action brings total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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Biden has approved nearly $180 billion in student loans during his time in office. (Daniel Steinle/Bloomberg via Getty Images)
“With the approval of an additional $4.28 billion in loan forgiveness for nearly 55,000 state employees, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers,” Cardona said. ‘The US Ministry of Education The successful transformation of the PSLF program is a testament to what is possible when you have leaders, like President Biden and Vice President Harris, who are relentlessly and unapologetically focused on driving results for everyday working people.”
Biden announced another $4.28 billion in student loan debt just before he was set to leave office. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration touted the program for creating an “incentive” for public employees to “pursue and stay” in their careers by forgiving borrowers’ remaining balances after they make the 120 eligible monthly payments had done.
“The relief announced today includes both borrowers who have taken advantage of the administration’s limited PSLF waiver, a temporary option that ended in October 2022, as well as regulatory improvements made to the program during this administration,” the release said .
Newly elected President Donald Trump and President Biden (Getty Images)
During his 2020 presidential campaign, Biden promised to forgive student loans for millions of Americans if elected, but the president has continually faced legal hurdles in his effort to erase hundreds of billions of dollars in debt.
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After the The Supreme Court blocked the Biden administration’s In the first attempt to provide broad-based student loan forgiveness, ruling that it exceeded the executive branch’s authority under the Constitution, the president and his team began working on other options to provide handouts .
President-elect Trump has not said specifically how he will approach the Biden administration’s student loan plans, but he has said he plans to reform the entire education system during his time in office.
Audrie Spady of Fox News Digital contributed to this report.
