The Biden administration announced another $4.28 billion in student loan funds
The Biden administration As President Biden and Vice President Harris prepare to leave the White House, they announced another $4.28 billion in student loans.
The massive credit distribution will forgive the debt of 54,900 public employees.
“Four years ago, the Biden-Harris Administration made a promise to America’s teachers, military, nurses, first responders and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud that we delivered,” Education Secretary Miguel Cardona said Friday. in a statement on the day.
The action brings total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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During his time in office, Biden approved nearly $180 billion in student loan funds. (Daniel Steinle/Bloomberg via Getty Images)
“By approving another $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. “U.S 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 focused on making government work for everyday working people.”
Before leaving office, Biden announced that another $4.28 billion in student loans would be distributed. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration introduced the program to create an “incentive” for public servants to “pursue and stay” in their careers by forgiving the remaining balance after borrowers make 120 eligible monthly payments.
“The relief announced today includes both borrowers benefiting from the Administration’s limited PSLF relief, a temporary facility that ends in October 2022, as well as regulatory improvements made to the program during this Administration,” he said.
The newly elected President of the United States, Donald Trump and President Biden (Getty Images)
During the 2020 presidential campaign, Biden promised to forgive student loans for millions of Americans if elected, but the president has faced persistent legal hurdles in his efforts to eliminate hundreds of billions of dollars in debt.
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after The Supreme Court blocked the action of the Biden administration Deciding that the first attempt to provide broad-based student loan forgiveness exceeded the executive branch’s authority under the Constitution, the president and his team began working on other options to provide handouts.
President-elect Trump He did not say specifically how his administration would approach student loan relief plans, but said he plans to overhaul the entire education system during his term.
Fox News Digital’s Audrie Spady contributed to this report.
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