Fri Dec 20 11:35:28 UTC 2024: **Biden Administration Announces Final Round of Student Loan Forgiveness Before End of Term**
WASHINGTON, D.C. – The Biden administration announced on Friday the final round of student loan forgiveness before President Biden leaves office in January. This round will cancel $4.28 billion in federal student loans for 55,000 workers under the Public Service Loan Forgiveness (PSLF) program. The program targets teachers, nurses, service members, and others employed in government or non-profit sectors for at least ten years.
This announcement brings the total amount of student loan debt cancelled under Biden’s administration to an unprecedented $180 billion, benefiting 4.9 million Americans. While celebrating this achievement, the President acknowledged falling short of his initial goal of widespread loan cancellation.
The administration’s efforts to deliver broader loan relief were hampered by legal challenges. The Supreme Court blocked Biden’s first attempt at mass cancellation, and a second attempt remains tied up in litigation brought by Republican states. A recent proposal to cancel loans for borrowers facing financial hardship is also unlikely to be implemented before the end of the current administration.
President-elect Donald Trump, who previously labeled Biden’s cancellation plans “illegal and vile,” has not yet released detailed student loan plans for his second term. Republicans in Congress continue to criticize Biden’s actions, arguing that the loan forgiveness unfairly burdens taxpayers.
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