Breaking: Joe Biden Forgives Student Loan Debt for 55,000 Public Service Workers – See If You Qualify

President Biden stated on Friday that he would be canceling additional student debt for tens of thousands of public employees, likely his final significant move on the problem before leaving office in a month. The administration said it will pay approximately $4.3 billion to cancel college debt for 55,000 such workers due to changes to the Public Service Loan Forgiveness Program.

“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,” said Miguel Cardona, the education secretary.

“With the granting of another $4.28 billion in forgiveness of loans for nearly 55,000 public servants, the Administration has secured nearly $180 billion in profound student debt relief for nearly five million borrowers,” according to Cardona. “The U.S. 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 persistently and unapologetically dedicated to having government deliver for everyday working people.” 

Following Friday’s announcement, the Biden administration forgave $180 billion in student loans to 5 million borrowers. The PSLF program provided $78 billion in relief to more than a million Americans. According to the Associated Press, Biden is also withdrawing several unfinished student loan relief ideas, such as forgiveness for people facing hardship. Biden is allegedly withdrawing the proposed regulations so that the Trump administration cannot quickly change the plans to implement policies that could undermine student loan forgiveness. Instead, if President-elect Trump wants to make adjustments, he will have to restart the process, which could take months or years.