linda lavin

 The Biden-Harris administration has announced the distribution of an additional $4.28 billion in student loan assistance.

 

president biden student loans

The Biden administration has revealed an additional $4.28 billion in student loan forgiveness as President Biden and Vice President Harris prepare for their departure from the White House.

This substantial loan forgiveness initiative will benefit 54,900 public sector employees.

"Four years ago, the Biden-Harris Administration committed to America’s educators, service members, healthcare professionals, first responders, and other public servants that we would rectify the flawed Public Service Loan Forgiveness Program, and I am proud to announce that we have fulfilled that promise," stated Secretary of Education Miguel Cardona in a press release on Friday.

Biden has canceled $4.28 billion in student loans for 54,900 borrowers.

This latest action raises the total amount of loan forgiveness authorized by Biden to nearly $180 billion, impacting close to 5 million borrowers.

The Biden administration emphasized that this program serves as an "incentive" for public servants to "pursue and remain" in their professions by forgiving the remaining loan balance after they complete 120 qualifying monthly payments.

The Biden administration announced on Friday its decision to forgive an additional $4.28 billion in student loan debt for 54,900 individuals employed in public service roles.

This debt relief is a consequence of improvements implemented by the U.S. Department of Education to the previously problematic Public Service Loan Forgiveness program.

The announcement comes during the final weeks of President Joe Biden's term in office.

Biden has granted more student debt forgiveness than any other president, having eliminated nearly $180 billion in debt for approximately 4.9 million borrowers.

However, legal challenges led by Republican officials have hindered Biden's efforts to provide widespread debt relief.