President Biden said that $4.28 billion in student loan debt will be forgiven for 55,000 Americans. Public servants benefit from this debt relief, which raises the total amount of debt relief for over five million debtors throughout his reign to around $180 billion.
In his last month in office, US President Joe Biden said on Friday that he was canceling student debts for an additional 55,000 Americans, totaling $4.28 billion in debt.
For “teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities,” Obama stated in a White House statement released Friday, the debt will be canceled in bulk.
With this additional group of recipients, “nearly 5 million people” would have received debt relief approvals under Biden’s leadership.
“From Day One of my administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” the current president said.
According to a statement released by US Secretary of Education Miguel Cardona, Friday’s approval raises the total sum obtained during Biden’s four years in office to “nearly $180 billion in life-changing student debt relief for nearly five million borrowers.”
In order to erase hundreds of billions of dollars in student loans, the Democratic president established a historic program in 2022. While the great majority of borrowers were eligible for $10,000 in cancellations, some borrowers were eligible for $20,000 in cancellations.
However, in 2023, the conservative-leaning Supreme Court declared that the president had overreached himself due to the considerable amount.
The annual cost of attending college in the United States may range from $10,000 to $70,000, leaving some graduates with crippling debt when they start working.
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