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Biden administration announced another $4.28 billion in student loans as President Biden and Vice President Harris prepare to leave the White House.
The massive loan allocation will provide loan forgiveness for 54,900 public workers.
“Four years ago, the Biden-Harris administration promised America’s teachers, soldiers, nurses, first responders and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say we delivered,” said Education Secretary Miguel Cardona in a statement on Friday.
With this action, the total loan forgiveness approved by Biden amounts to almost 180 billion dollars for almost 5 million borrowers.
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Biden approved nearly $180 billion in student loans during his tenure. (Daniel Steinle/Bloomberg via Getty Images)
“By approving an additional $4.28 billion in loan forgiveness for nearly 55,000 public employees, the Administration has secured nearly $180 billion in life-changing student debt forgiveness for nearly five million borrowers,” Cardona said. “USA Department of Education the successful transformation of the PSLF program is a testament to what’s possible when you have leaders like President Biden and Vice President Harris who are relentlessly and unapologetically focused on getting government results for everyday workers.”
Biden announced another $4.28 billion in student loans just before leaving office. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration said the program created an “incentive” for public employees to “continue and stay” in their careers by forgiving borrowers’ remaining debt after they make 120 qualifying monthly payments.
“The relief announced today also includes borrowers who benefited from the administration’s limited PSLF waiver, a temporary facility that ended in October 2022, as well as regulatory enhancements to the program during this administration,” the statement said.
President-elect Donald Trump and President Biden (Getty Images)
During his 2020 presidential campaign, Biden promised to forgive the student loans of millions of Americans if elected, but the president has faced constant legal obstacles in his attempt to eliminate hundreds of billions of dollars in debt.
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After The Supreme Court blocked the Biden administration first attempt to provide blanket student loan forgiveness, concluding that it was an overreach of the executive branch’s authority under the Constitution, the president and his team began working on other options for relief.
President-elect Trump he did not say specifically how he would approach the Biden administration’s student loan plans, but said he plans to overhaul the entire education system during his tenure.
Fox News Digital’s Audrie Spady contributed to this report.
