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The Biden-Harris administration has unveiled another $4.28 billion in student loan forgiveness, aimed at assisting nearly 55,000 public sector workers. This move marks a significant milestone in President Joe Biden and Vice President Kamala Harris’s efforts to provide relief for borrowers before they leave the White House.
Secretary of Education Miguel Cardona announced the decision, emphasizing the administration’s commitment to addressing issues within the Public Service Loan Forgiveness (PSLF) Program.
"Four years ago, the Biden-Harris Administration made a pledge to 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 we delivered," Cardona said in a statement on Friday.
With the latest action, the Biden administration has now approved a total of nearly $180 billion in loan forgiveness for nearly 5 million borrowers.
Cardona celebrated the progress, stating, "With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 public servants, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers."
He praised the Department of Education’s success in overhauling the PSLF Program, attributing it to the administration’s focused leadership. “The U.S. Department of Education’s 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 making government deliver for everyday working people,” Cardona stated.
The Public Service Loan Forgiveness Program aims to incentivize public servants — including teachers, nurses, firefighters, and other frontline workers — to remain in their careers. Borrowers are eligible for forgiveness after making 120 qualifying monthly payments under the program's guidelines.
The latest round of forgiveness will benefit borrowers who qualified under the temporary PSLF waiver, which ended in October 2022, as well as those eligible due to regulatory changes made under the Biden administration.
This announcement is part of Biden’s broader plan to relieve student debt for millions of borrowers, a central promise of his 2020 presidential campaign. While Biden initially aimed for a sweeping cancellation of student debt, his efforts faced significant legal pushback.
The Supreme Court dealt a major blow to his plans earlier this year, ruling that his original broad-based student loan forgiveness plan overstepped the executive branch's constitutional authority.
Despite the setback, Biden and his team have pursued alternative routes to provide relief. By focusing on reforms within existing federal programs like PSLF, the administration has been able to deliver on its promise to reduce the debt burden for millions of Americans.
Borrowers who work in public service roles — especially those who may have been previously denied relief due to bureaucratic hurdles — have been among the primary beneficiaries.
While the Biden-Harris administration touts its success, the incoming Trump administration has remained quiet on the future of student loan relief.
President-elect Donald Trump has not commented on how he will approach Biden's loan forgiveness initiatives but has signaled plans to rework the entire education system once in office. Trump's education agenda is expected to differ significantly from Biden’s, with a likely emphasis on restructuring federal oversight and revisiting student loan policies.
The fate of the student loan relief program under Trump's leadership remains uncertain. However, Biden's team has made clear that they are determined to push through as much debt relief as possible before their term concludes.
With nearly $180 billion in debt relief now secured, the administration has made a lasting impact on millions of public servants and student loan borrowers across the country.
