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As President Biden and Vice President Harris prepare to leave the White House, the Biden administration announced another $4.28 billion in student loan benefits.
This large-scale loan benefit will result in loan forgiveness for 54,900 public servants.
“Four years ago, the Biden-Harris Administration promised America’s teachers, military, nurses, first responders, and other public servants that it would fix the broken Public Service Loan Forgiveness Program. And I’m proud to say so. ,” Education Secretary Miguel Cardona said in a release Friday.
The measure brings the total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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Biden approved about $180 billion in student loan benefits during his time in office. (Daniel Steinle/Bloomberg via Getty Images)
“With the approval of an additional $4.28 billion in loan forgiveness for approximately 55,000 public servants, the administration has set aside approximately $180 billion in life-changing student debt relief for nearly 5 million borrowers,” Cardona said. Ta. “The success of the U.S. Department of Education’s transformation of the PSLF program is that with leaders like President Biden and Vice President Harris in place, we will be relentless and unapologetic in ensuring that our government continues to serve the people we work with every day. It shows what is possible if you focus on it.”
Shortly before leaving office, Biden announced another $4.28 billion in student loan benefits. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration will create an “incentive” for public servants to “pursue and continue” their careers by forgiving balances after borrowers make 120 qualifying monthly payments, a program was advertised.
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“The relief announced today includes both the administration’s limited PSLF forgiveness, a temporary opportunity that ended in October 2022, and the regulatory improvements made to the program during the administration for borrowers who benefited from both. included,” the release states.
President-elect Donald Trump and President Biden (Getty Images)
During the 2020 presidential campaign, Biden promised to forgive the student loans of millions of Americans if elected, but the president faces continued legal hurdles in his attempts to eliminate hundreds of billions of dollars in debt. facing.
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The president and his team provided the benefits after the Supreme Court blocked the Biden administration’s first attempt to achieve broad student loan forgiveness, ruling that it was an overreach of the executive branch’s power under the Constitution. I started working on other options.
President-elect Trump has not said specifically how he will address the Biden administration’s student loan benefit plan, but he has said he intends to overhaul the entire education system during his term.
Fox News Digital’s Audrie Spady contributed to this report.
Sarah Rumpf-Whitten is a breaking news writer for Fox News Digital and Fox Business.
Story tips and ideas can be sent to sarah.rumpf@fox.com and X. @s_rumpfwhitten.
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