The Biden administration has announced a significant $4.28 billion in student loan forgiveness, benefiting nearly 55,000 public workers, as part of its ongoing efforts to reform the Public Service Loan Forgiveness (PSLF) program. This move comes as President Biden and Vice President Harris prepare to leave office, bringing the total student loan forgiveness approved during their tenure to nearly $180 billion for close to five million borrowers.
Education Secretary Miguel Cardona highlighted the administration’s commitment to public servants, stating that these changes create incentives for workers like teachers, nurses, and first responders to stay in their careers. He credited the administration’s focus on “making government deliver for everyday working people” for the program’s success.
This latest forgiveness includes borrowers impacted by temporary waivers and regulatory improvements under Biden’s presidency. The PSLF initiative forgives remaining loan balances for those who make 120 qualifying payments while working in public service roles.
Biden’s broader student loan relief efforts faced legal challenges, including a Supreme Court ruling that blocked his first proposal. As President-elect Trump prepares to take office, his approach to these plans remains uncertain, though he has pledged to revamp the education system during his term.
