President Biden continues to make history by announcing the cancellation of an additional $4.5 billion in student debt for over 60,000 borrowers through the Public Service Loan Forgiveness (PSLF) program. This move brings the total number of public service workers who have had their student loans forgiven to over 1 million people during the Biden-Harris Administration.
Before President Biden and Vice President Harris took office, only 7,000 borrowers had ever received forgiveness through the PSLF program. Thanks to significant improvements made by the Biden-Harris Administration, teachers, firefighters, law enforcement officials, nurses, servicemembers, and other public service workers are finally receiving the student debt relief they are entitled to under the law.
One example of the impact of this action is a kindergarten teacher who had been paying her loans for 12 years. President Biden personally informed her that she is one of the 1 million people approved for PSLF under his Administration, with over $46,000 of her loans being cancelled. In total, the Biden-Harris Administration has approved $175 billion in student debt relief for nearly 5 million borrowers through various actions.
Education Secretary Cardona highlighted the significance of this move, contrasting it with the previous administration’s indifference to the issue. The Trump administration had neglected public servants, leading to many applications being rejected due to technicalities, red tape, and accounting errors. Instead of prioritizing loan forgiveness for public service workers, Trump focused on supporting predatory for-profit colleges.
President Biden’s actions to assist student borrowers showcase a president who prioritizes the well-being of the American people. By addressing the flaws in the student loan forgiveness program, Biden has significantly improved the lives of millions of Americans.
This latest announcement of student debt cancellation underscores the Biden-Harris Administration’s commitment to supporting those who serve their communities. By providing relief to those who work tirelessly in essential public service roles, President Biden is demonstrating his dedication to creating a fairer and more equitable society for all.
