The Biden administration announced another $4.28 billion in student loan forgiveness. President Biden and Vice President Harris are preparing to leave the White House.
The move will benefit 54,900 public workers. These include teachers, nurses, service members, and first responders.
"Four years ago, the Biden-Harris Administration made a pledge… and I’m proud to say that we delivered," said Secretary of Education Miguel Cardona. He referred to fixing the Public Service Loan Forgiveness Program.
This action raises the total forgiveness approved by Biden to nearly $180 billion. It impacts almost 5 million borrowers.
"With the approval of another $4.28 billion… the Administration has secured nearly $180 billion in life-changing student debt relief," Cardona said. He praised the transformation of the PSLF Program under Biden and Harris.
The administration claims the program creates incentives for public servants. By forgiving loans after 120 qualifying payments, it helps them remain in their careers.
The relief announced includes borrowers who used a limited waiver that ended in October 2022. It also includes those benefitting from regulatory changes made during Biden's term.
During his 2020 campaign, Biden promised to forgive student loans. However, his plans have faced significant legal challenges, including a Supreme Court block.
After the ruling, Biden sought other ways to provide relief. His efforts reflect a continued push despite constitutional roadblocks.
President-elect Trump has not detailed his plans for the program. However, he has stated intentions to rework the education system during his term.