Biden administration forgives $4.5B in student loans for 60,000 borrowers in public service
Education Secretary Miguel Cardona speaks at the Compton Drew Middle School in St. Louis on September 6, 2023. He announced new student loan forgiveness on Thursday. File Photo by Bill Greenblatt/UPI | License Photo
The White House approved a new round of student debt relief on Thursday, totaling $4.5 billion for 60,000 public service borrowers.
The Department of Education announced the relief comes with additional fixes being made to the Public Service Loan Forgiveness Program under which it has forgiven $175 billion in loans for more than 4.8 million U.S. residents to date. Advertisement
The program supports those who work in the public service sector, which includes teachers, first responders, military service members and others who work in government. They qualify for loan forgiveness if they have made the required 120 qualified monthly payments.
“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 debt payments that should have been forgiven,” Education Secretary Miguel Cardona said in a statement.
Cardona said the continued fixes being made to the program simply make it operate the way it was intended to in providing relief to those who have faithfully made payments to it.
“I’m tremendously proud that over one million teachers, nurses, social workers, veterans and other public servants have received life-changing loan forgiveness,” he said. Advertisement
“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.”
The administration said that it is encouraging other public service members to take advantage of the revamped student loan forgiveness program.
Tweaks to the PSLF have been the administration’s most effective tool to provide loan forgiveness since other plans have been under constant attack by Congressional Republicans and GOP-led states with lawsuits.
The U.S. Supreme Court struck down a more ambitious student loan forgiveness program last year.
