The lame duck Biden administration announced the cancellation of student loan debt for nearly 55,000 public service workers Friday.
The roughly $4.3 billion effort provides additional loan forgiveness for members of the Department of Education’s (DOE) Public Service Loan Forgiveness (PSLF) program, which erases debt for Americans after 10 years of government and nonprofit work, according to a DOE release. The push comes just weeks before President-elect Donald Trump is set to take office on Jan. 20, and brings total student debt cancellation under President Joe Biden to roughly $180 billion. (RELATED: Student Loan Borrowers Bailed Out By Biden Now Piling Up Mounds Of Other Debt)
“Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered,” U.S. Secretary of Education Miguel Cardona said in the announcement. “With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 public servants, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers.”
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