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The Biden administration announced Friday it will forgive federal student loans for an additional 55,000 public service workers through the Public Service Loan Forgiveness program, adding to the president’s extensive loan forgiveness initiatives during his term.
This latest round of forgiveness, totaling $4.28 billion, will benefit teachers, nurses, military service members, and law enforcement personnel who have met the program’s eligibility requirements after serving in government or nonprofit positions for ten years.
🚨 BREAKING: The Biden administration just approved $4.28 billion in student loan relief for 54,900 public service workers. This is part of updates to the Public Service Loan Forgiveness program.
So far, Biden has canceled nearly $180 billion in student debt, helping 4.9 million… pic.twitter.com/OoFv8QJ7tw
— dub (@dubinvest) December 20, 2024
The Education Department has significantly streamlined the PSLF program under Biden’s leadership, addressing previous issues that resulted in a 99% rejection rate due to complex rules and widespread confusion about qualification criteria.
With this new wave of relief, the administration’s total student loan forgiveness has reached $180 billion, affecting 4.9 million Americans. The PSLF program specifically accounts for $78 billion of that total, providing relief to approximately one million public service workers.
“From Day One of my Administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” Biden said in a statement confirming the move.
The 55,000 public servants approved for debt cancellation today are workers who have dedicated their lives to giving back to their communities.
Now, they are finally earning the relief they are entitled to under the law. pic.twitter.com/mT3s1VXGG8
— President Biden (@POTUS) December 20, 2024
“Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.”
The incoming Trump administration has expressed strong opposition to these loan forgiveness initiatives. During his 2024 campaign, Trump criticized Biden’s cancellation programs, labeling them both illegal and “vile.”
Congressional Republicans have voiced their disapproval of Biden’s loan forgiveness actions, arguing that it unfairly shifts the financial burden to taxpayers who either didn’t attend college or have already paid off their educational debt.
