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The 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 delivery of the loan will give loan forgiveness to 54,900 public workers.
“Four years ago, the Biden-Harris Administration promised 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 delivered,” Education Secretary Miguel Cardona said in a statement on Friday.
The action brings total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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Biden has approved nearly $180 billion in student loan repayments during his time in office. (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 relief for nearly five million borrowers,” Cardona said. “The US of the Department of Education The successful transformation of the PSLF Program is a testament to what is possible when you have leaders, like President Biden and Vice President Harris, who are relentlessly and unapologetically focused on making government serve working people every day.”
Biden announced another $4.28 billion in student loans just before leaving office. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration touted the program as creating an “incentive” for public servants to “pursue and stay” in their careers by forgiving borrowers’ remaining balance after making 120 qualifying monthly payments.
“The relief announced today includes both borrowers who benefited from the Administration’s limited PSLF waiver, a temporary opportunity that ended in October 2022, as well as regulatory improvements made to the program during this Administration “, the statement said.
President-elect Donald Trump and President Biden (Getty Images)
During his 2020 presidential campaign, Biden pledged to forgive student loans for millions of Americans if elected, but the president has faced ongoing legal roadblocks in his bid to eliminate hundreds of thousands of billions of dollars in debt.
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After the The Supreme Court blocked the Biden administration The first attempt to offer broad-based student loan forgiveness, ruling that it was an excess of the executive branch’s authority under the Constitution, the president and his team began working on other options to offer slips.
President-elect Trump has not said specifically how he will address the Biden administration’s student loan repayment plans, but has said he plans to rework the entire education system during his tenure.
Audrie Spady of Fox News Digital contributed to this report.
