President Biden announced the cancellation of $4.3 billion in student debt for 55,000 public service workers as part of improvements to the Public Service Loan Forgiveness (PSLF) Program. This marks one of his final major actions on student debt before leaving office.
Secretary of Education Miguel Cardona highlighted the administration’s efforts, stating they have delivered $180 billion in debt relief for nearly 5 million borrowers, with $78 billion going to over a million Americans under the PSLF program.
The Biden administration has also opted to withdraw unfinished student debt relief regulations to prevent an incoming Trump administration from easily altering or dismantling them. Any changes would require a lengthy process.
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