The Biden administration announced another $4.28 billion in student loans as President Biden and Vice President Harris prepare to leave the White House.
The huge loan grant will provide loan forgiveness to 54,900 public workers.
“Four years ago, the Biden-Harris Administration made a commitment to America’s teachers, service members, nurses, first responders and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I am proud to say that we delivered “Secretary of Education Miguel Cardona said in a statement on Friday.
The action brings the total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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Biden has approved nearly $180 billion in student loans during his term. (Daniel Steinle/Bloomberg via Getty Images)
“With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 public servants, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers,” Cardona said. “The US Department of Education’s successful transformation of the PSLF program is a testament to what is possible when you have leaders, like President Biden and Vice President Harris, who are relentlessly and unapologetically focused on doing that the government meets the objectives of ordinary workers.
Biden announced another $4.28 billion in student loans just before leaving office. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration touted the program to create an “incentive” for public servants to “continue and stay” in their careers by forgiving borrowers’ remaining balance after they have made 120 qualifying monthly payments.
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“The relief announced today includes both borrowers who have benefited from the Administration’s limited PSLF waiver, a temporary opportunity that ended in October 2022, and regulatory improvements made to the program during this Administration,” reads the statement.
President-elect Donald Trump and President Biden (Getty Images)
During his 2020 presidential campaign, Biden pledged to forgive student loans for millions of Americans if elected, but the president has faced continued legal obstacles as he seeks to eliminate hundreds of billions of dollars in debt.
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after the The Supreme Court blocked the Biden administration’s decision In his first attempt to provide broad student loan forgiveness, believing it to be an overreach of the executive branch’s authority under the Constitution, the president and his team began working on other options for granting grants.
President-elect Trump has not specifically said how he will address the Biden administration’s student loan delivery plans, but has said he plans to rework the entire education system during his term.
Fox News Digital’s Audrie Spady contributed to this report.
