Biden Cancels $4.28 Billion Student Debt for 55,000 Workers, Abandons Mass Forgiveness Plan

Dec 20, 2024, 03:56 PM

President Joe Biden has announced plans to cancel $4.28 billion in student debt for about 55,000 public service workers through the Public Service Loan Forgiveness Program. This action is expected to be the final round of student loan forgiveness before he leaves office in a month. The cancellation targets teachers, nurses, service members, law enforcement officials, and other public servants who have worked 10 years or more in government or nonprofit jobs. With this latest round of relief, the Biden administration has canceled an unprecedented $180 billion in federal student loans through existing programs, covering approximately 4.9 million Americans. Additionally, the administration is withdrawing its broader student debt cancellation plans for over 38 million borrowers amid a GOP lawsuit, effectively abandoning mass student debt forgiveness.