The Biden administration has reported approving around $175 billion in total student debt relief for nearly five million borrowers through all the actions taken during Mr. Biden's presidency. This notable figure reinforces the central conundrum Mr. Biden faces on student debt, as he has fallen short of his sweeping $400 billion loan cancellation goal for up to 45 million borrowers, leaving some supporters disillusioned.
Public Service Loan Forgiveness, established in 2007, enables workers in public and nonprofit sectors to have their loans canceled after 10 years of employment. The recent approval of 60,000 more workers under this program has taken the total to over a million people, who collectively had $74 billion forgiven. This achievement reflects the commitment made by President Biden and Vice President Harris to rectify broken student loan programs.
#student-debt-relief #biden-administration #public-service-loan-forgiveness #federal-student-loans #debt-cancellation
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