Biden Cancels $4.28 Billion in Student Loans for 55,000 Public Servants Before Leaving Office

Dec 20, 2024, 02:09 PM

President Joe Biden has announced the cancellation of $4.28 billion in federal student loan debt for nearly 55,000 public service workers, including teachers, nurses, service members, and law enforcement officials. This action represents the final round of debt forgiveness under his administration before leaving office. The relief is provided through the Public Service Loan Forgiveness program, which was created by Congress in 2007 and expanded by the Biden administration to forgive student loans for eligible borrowers who have worked in government or nonprofit jobs for at least ten years. With this latest round, total forgiveness for public service workers reaches $78 billion. Overall, the Biden administration has canceled $180 billion in federal student loans through existing programs, benefiting nearly 5 million borrowers, including over 1 million public servants. President Biden stated, "Now, they are finally earning the relief they are entitled to under the law."