Biden Cancels $1.2 Billion in Student Debt for 35,000 Public Service Workers on July 18, Each Receiving $35,000

Jul 18, 2024, 02:46 PM

President Joe Biden has announced the cancellation of $1.2 billion in student debt for 35,000 borrowers who work in public service, including teachers, nurses, and firefighters, on July 18. This move is part of the Public Service Loan Forgiveness program and brings the total debt relief approved by the Biden administration to $168.5 billion for nearly 4.8 million Americans. The administration's efforts to provide debt relief have significantly increased the number of beneficiaries, with nearly 950,000 public service workers having their loans forgiven under the program. Each of the 35,000 beneficiaries will have $35,000 in debt canceled. This latest round of debt cancellation is seen as a continuation of Biden's campaign promise to make higher education more affordable and accessible.