President Joe Biden Forgives Nearly $6 Billion In Student Debt For 78K Public Service Employees
In Washington, President Joe Biden revealed on Thursday that the White House has greenlit the erasure of close to $6 billion in federal student loan debt for numerous public service employees.
According to the White House, the 78,000 eligible public service workers encompass teachers, nurses, and firefighters.
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"These public service workers have dedicated their careers to serving their communities, but because of past administrative failures, never got the relief they were entitled to under the law," Biden expressed in a statement praising the action.
Biden, 81, emphasized that since taking office, he has pledged to address the shortcomings in student loan programs and to ensure that higher education serves as a pathway to the middle class, rather than a barrier to opportunity.
"I won't back down from using every tool at my disposal to deliver student debt relief to more Americans and build an economy from the middle out and bottom up," he said.
This marks the most recent action in student debt cancellation through the Public Service Loan Forgiveness programs. These programs enable eligible borrowers to qualify for forgiveness of their remaining debt after fulfilling a specific number of payments and working for approved employers.
Back in January, the administration annulled approximately $5 billion in debt for 74,000 borrowers in the public sector. As per the administration, the White House has authorized almost $144 billion in federal loan forgiveness for around 4 million borrowers in entirety.
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Commencing from the upcoming week, the White House will initiate communication via email with approximately 380,000 borrowers, notifying them of their progress towards having their student debt eliminated within a span of two years.
The Supreme Court nullified Biden's broader plan for student loan debt relief last year, contending that it was unlawful since Congress had not explicitly endorsed the measure.
