The Biden administration announced another $4.28 billion in student loan distributions. As President Biden and Vice President Harris prepare to leave the White House
The large loan distribution will provide forgiveness to 54,900 government employees.
“Four years ago The Biden-Harris administration is committed to teachers, service members, nurses, emergency workers. and other government officials of America that We will fix the broken Public Service Loan Forgiveness Program. And I am proud to say that we delivered,” said Education Minister Miguel Cardona. said at a press conference on Friday.
This brings the total loan waivers approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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Biden has approved nearly $180 billion in student loans during his time in office. (Daniel Steinle/Bloomberg via Getty Images)
“By approving another $4.28 billion in loans for nearly 55,000 public servants, the administration has raised nearly $180 billion in life-changing student debt relief for nearly five million borrowers,” Cardona said. “The U.S. Department of Education’s successful transformation of the PSLF program is a testament to what is possible when you have leaders like President Biden and Vice President Harris. Who is unrelenting and unquestioningly focused on making sure government delivers for the everyday working people.”
Biden announced another $4.28 billion in student loan distributions before he leaves office. (Daniel Steinle/Bloomberg via Getty Images)
Biden-Harris Administration Touting this project as creating “incentives” for civil servants to “pursue and persist” in one’s career By carrying forward the borrower’s remaining balance. After they complete 120 payments per month
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“The relief announced today includes both borrowers benefiting from the administration’s limited PSLF waiver. This is a temporary opportunity ending in October 2022, including due to regulatory improvements made to the program during this administration,” the release said.
President Donald Trump and President Biden (Getty Images)
During the 2020 presidential campaign, Biden pledged to forgive student loans for millions of Americans if elected. But the president faces ongoing legal obstacles in his effort to eliminate hundreds of billions of dollars in debt.
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after that Supreme Court orders ban on Biden administration First attempt at broad student loan forgiveness It is considered to be an overreach of the power of the executive branch under the Constitution. The president and his team began working on alternative ways to prepare handouts.
President-elect Trump has not specified how he would handle the Biden administration’s student loan distribution plan. But he said he plans to improve the entire education system during his tenure.
Fox News Digital’s Audrie Spady contributed to this report.
