In a significant move aimed at alleviating the burden of student debt, President Joe Biden announced the cancellation of student loans for an additional 150,000 borrowers as part of his ongoing commitment to provide relief to those affected by the student loan crisis. This action is part of the broader initiative to address financial challenges faced by millions of Americans. “This is a critical step in my administration’s efforts to deliver for working families and help the rising generation achieve their educational goals without being shackled by debt,” Biden stated in a press release. The loan forgiveness comes as part of the Public Service Loan Forgiveness (PSLF) program, which recognizes payments made by borrowers who have dedicated their careers to public service. In total, the Biden administration has approved more than $35 billion in student loan forgiveness within the PSLF program since he took office. This latest announcement continues to build on Biden’s pledge made during his presidential campaign to rectify the issues surrounding student loans and provide more opportunities for those seeking higher education. The Department of Education has emphasized that these cancellations are designed to ensure that borrowers working in public service are able to access the benefits they deserve after years of service.
Biden Cancels Student Loans for 150,000 Borrowers in Continued Debt Relief Efforts
