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President Biden announced the cancellation of $1.2 billion in student loan debt for 35,000 public service workers, including teachers, nurses, and firefighters, through the Public Service Loan Forgiveness (PSLF) program.
This initiative aims to alleviate financial burdens and stimulate economic activity.
The move has been praised for its potential to support public servants but has also faced criticism for using taxpayer money to pay off individual debts.
The Biden administration has so far provided debt relief to approximately 4.76 million borrowers, totaling $168.5 billion.
Today, my Administration is canceling student debt for 35,000 public service workers through Public Service Loan Forgiveness.
Now 4.76 million folks have benefitted from our various debt relief actions, each receiving an average of over $35,000 in cancellation.
That matters.
— President Biden (@POTUS) July 18, 2024
They made a rock band after crap like this… It is called: CHEAP TRICK https://t.co/jOQkNmb0gZ
— Great American Newsletter (@TrustDML) July 18, 2024
