President Biden Announces Last Batch of Student Loan Forgiveness

For student loan borrowers who qualify under the Public Student Loan Forgiveness Program, I have good news for you. This is the last batch, unfortunately, of student loan forgiveness by President Biden. In total, $4.28 billion for 55,000 public service employees have had their loans discharged.

Listen to this blog post.

The Public Student Loan Forgiveness Program

To clear up the confusion, the misinformation, and the political rhetoric, there’s always been a lot of confusion with the Public Student Loan Forgiveness program with heavy criticism against the Biden administration for doing this. But, to be clear, the PSLF program was passed into law during George W. Bush’s administration as part of the College Cost Reduction and Access Act of 2007.

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With Biden’s administration, the only difference is we’ve had three administrations now, with Biden being the third one, where the program was overlooked and not run the way it was supposed to. So thousands of borrowers did not have their student loans discharged when they should have. So President Biden and the U.S. Department of Education only corrected the mistakes.

In a statement, President Biden said: “Today, my Administration is announcing student debt cancellation for another 55,000 public service workers, bringing the total number of individuals who have been approved for student debt relief under my Administration to nearly 5 million people through various actions. The public servants approved for debt cancellation today include teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities and who are finally earning the relief they are entitled to under the law.”

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President Biden’s statement and White House Press Release can be read via this link.

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