The lame-duck Biden administration announced Friday that it would forgive the student loan debt of about 55,000 public employees.
The approximately $4.3 billion initiative will provide additional loan forgiveness to members of the Department of Education (DOE). Public service loan forgiveness (PSLF) program is a 10-year effort between governments and nonprofit organizations to forgive Americans’ debts. According to Submit to DOE Release. The push comes just weeks before President-elect Donald Trump is scheduled to take office on Jan. 20, and total student loan forgiveness under President Joe Biden will be about $180 billion. (Related: Student loan borrowers bailed out by Biden are now accumulating a mountain of other debt)
“Four years ago, the Biden-Harris Administration promised America’s teachers, military, nurses, first responders, and other public servants that it would fix the broken Public Service Loan Forgiveness Program. And I’m proud to say so. ,” U.S. Secretary of Education Miguel Cardona said in the announcement. “With the approval of an additional $4.28 billion in loan forgiveness for nearly 55,000 public servants, the government has secured nearly $180 billion in life-changing student debt relief for nearly 5 million borrowers.”
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