REPORT: Biden administration announces another massive student debt forgiveness action

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From CNBC: The Biden administration announced Thursday that it was forgiving another $4.5 billion in student debt for more than 60,000 borrowers.

The latest round of relief is a result of the U.S. Department of Education’s fixes to the popular, but once troubled, Public Service Loan Forgiveness program.

President Joe Biden, who has forgiven more education debt than any other president in U.S history, said that the number of borrowers to benefit from the program under his administration now exceeded 1 million.

“Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country,” Biden said in a statement. “But for too long, the government failed to live up to its commitments.”

The PSLF program, signed into law by President George W. Bush in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years.

“Before President Biden and Vice President Harris entered the White House, the Public Service Loan Forgiveness program was so riddled by dysfunction that just 7,000 Americans ever qualified and countless public servants were trapped making payments on debts that should have been forgiven,” said U.S. Secretary of Education Miguel Cardona. “From Day One, the Biden-Harris administration made fixing this broken program a top priority, and today, I’m tremendously proud that over one million teachers, nurses, social workers, veterans, and other public servants have received lifechanging loan forgiveness. As Secretary of Education, I want to send a message to college students across America that pursuing a career in public service is not only a noble calling but a reliable pathway to becoming debt-free within a decade.”

Biden’s Department of Education announced:

The Biden-Harris Administration is announcing a major milestone today in Public Service Loan Forgiveness (PSLF): More than one million borrowers have received loan relief though PSLF.

As part of today’s announcement, 60,000+ public servants will receive ~$4.5 billion in PSLF loan relief – part of $74 billion in student loan relief for PSLF borrowers so far.

This loan relief – the result of significant fixes to PSLF by the Biden-Harris Administration – brings the total for all loan forgiveness approved by the Administration to over $175 billion for more than 4.8 million Americans.

Teachers union president Randi Weingarten cheered, “What a milestone from the Biden-Harris admin! PSLF has helped more than one million Americans—including tens of thousands of AFT members—with life-changing relief!”

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