Politics
Biden Administration Boosts Student Loan Forgiveness Again
Clear Facts
- The Biden administration has announced an additional $4.28 billion in student loan forgiveness.
- This action increases the total loan forgiveness under President Biden to nearly $180 billion for almost 5 million borrowers.
- The program aims to incentivize public servants by forgiving loans after 120 qualifying payments.
In a recent move, the Biden-Harris administration has unveiled another $4.28 billion in student loan forgiveness. This development comes as President Biden and Vice President Harris near the end of their term in the White House.
Secretary of Education Miguel Cardona emphasized the administration’s commitment to public servants.
“Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered,” Cardona stated.
This latest round of forgiveness brings the total approved by the administration to nearly $180 billion, benefiting close to 5 million borrowers. Cardona highlighted the significance of this achievement, noting the administration’s focus on delivering results for working Americans.
“With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 public servants, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers,” he added.
The Public Service Loan Forgiveness Program (PSLF) has been revamped to encourage public servants to continue in their roles by forgiving their remaining loan balance after 120 qualifying monthly payments.
The administration’s release noted that the relief includes borrowers who benefited from the limited PSLF waiver, which ended in October 2022, as well as from regulatory improvements made during Biden’s presidency.
Despite these efforts, President Biden has faced numerous legal challenges in his broader attempts to cancel student debt. His initial plan for widespread forgiveness was blocked by the Supreme Court, which deemed it an overreach of executive authority.
As the political landscape shifts, President-elect Trump has indicated plans to overhaul the education system, though specifics on how he will handle the current administration’s student loan policies remain unclear.
Let us know what you think, please share your thoughts in the comments below.
John
December 20, 2024 at 6:31 pm
So where is the money going to come from? 36 trillion in national debt. And every one hundred days, another trillion. That’s nothing more then future taxes handed down to the next generations in taxes. So how is their loan actually not going to be paid by them in future taxes? They are all being played for stupid.
Brian Bechtold
December 20, 2024 at 6:33 pm
How about forgiveness for my mortgage
dave wineland
December 20, 2024 at 6:53 pm
Cutting Social Security but housing feeding etc millions of illegals, forgiving student loans, voting themselves a pay raise, sending billions to Ukraine to fight a war the outcome means little and how many million voted for HARRIS and a continuance of this insanity? The swamp needs more than cleansed. This country needs to be re-educated on how dollars are created, how it’s CITIZENS need “help’ from time to time BUT NOT HANDOUTS. STARTING IN 1965 WITH LYNDON JOHNSON’S GREAT SOCIETY, BEGAN THE DOWNFALL FALL OF CAPITALISM AND THE LESSONS TAUGHT-RESPONSIBILITY, OWNERSHIP, DO IT RIGHT, QUALITY BEFORE QUANTITY, SATISFYING AND EDUCATING THE CONSUMER AND ELECTING CONSCIENTIOUS GOVERNMENT OFFICIALS TO RUN THE BUSINESS OF THE USA! AND PRAY FOR GUIDANCE AND KNOWLEDGE AND HUMILITY AND HELP!
C
December 20, 2024 at 7:43 pm
The students were loaned the money, they need to pay it back! How about all the loans honest people paid back??? Another scheme by the ultra-liberals to screw Americans!!! Will be so happy & glad when January 20, 2025 arrives…..all this liberal nonsense will come to a screeching halt!!! MAGA!!!
Robert Cymraeg
December 20, 2024 at 10:37 pm
Absolutely wrong. There is a huge debt, much of it dealing with illegal aliens. $78k each to 55,000 government employees, many of whom are not required. This is total financial suicide. This should not be allowed and the promoters should be arrested for some kind of fraud -anyhting.
KA
December 21, 2024 at 6:47 am
How about offer them student loan forgiveness after they serve 3 years in the military! Like most boomers did!! It might help solve our shortage problems in the military.