$5 Billion More in Student Loan Debt Relief for 74,000 Borrowers
The Biden administration has cancelled student loans for another 74,000 borrowers equaling another $5 billion under the Public Service Loan Forgiveness (PSLF) program.
Updated on December 31, 2024.
The Biden Administration and Student Loan Debt Relief
In a press release from the White House, President Biden stated that “today, my Administration approved debt cancellation for another 74,000 student loan borrowers across the country, bringing the total number of people who have gotten their debt cancelled under my Administration to over 3.7 million Americans through various actions.”
Public Student Loan Forgiveness Programs
The Public Service Loan Forgiveness (PSLF) program was signed into law by former President George W. Bush under the College Cost Reduction and Access Act of 2007. However, for decades the program has been plagued with issues of granting relief to those who qualified. Under the PSLF, relief was to be granted after ten years of public service, but for thousands of borrowers, unfortunately, that has not been the case.
Of the 74,000 borrowers that qualified for relief under the PSLF, President Biden stated that “nearly 44,000 of them are teachers, nurses, firefighters and other individuals who earned forgiveness after 10 years of public service, and close to 30,000 of them are people who have been in repayment for at least 20 years but never got the relief they earned through income-driven repayment plans.”
Vice-President Kamala Harris tweeted in response to President Biden’s statement can be seen here.
“The Biden-Harris Administration just approved another nearly $5 billion in student loan debt cancellation for 74,000 Americans — the majority of whom are teachers, nurses, firefighters, and other public servants. This is historic progress, but @POTUS and I won’t stop here.”
The full press release issued by the White House can be seen here.
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