As President Biden and Vice President Harris prepare to leave the White House, the Biden administration announced an additional $4.28 billion in student loan payments.
The jumbo loan disbursement will provide loan forgiveness to 54,900 public employees.
“Four years ago, the Biden-Harris administration promised America’s teachers, military 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 we delivered,” said Secretary of Education Miguel Cardona said in a press release Friday.
The action brings the total loan forgiveness Biden has approved for nearly 5 million borrowers to nearly $180 billion.
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Biden approved nearly $180 billion in student loan disbursements during his term in office. (Daniel Steinle/Bloomberg via Getty Images)
“With the approval of an additional $4.28 billion in loan forgiveness for nearly 55,000 public servants, the government has provided nearly $180 billion in life-changing student debt relief to nearly 5 million borrowers,” Cardona said. “U.S. Department of Education The successful transformation of the PSLF program proves what is possible when you have leaders like President Biden and Vice President Harris who are relentlessly and unapologetically committed to making government work for ordinary working people.”
Before leaving office, Biden announced an additional $4.28 billion in student loans. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration claims the program is designed to create “incentives” for public servants to “pursue and maintain” their careers, forgiving borrowers’ remaining balances after they make 120 qualifying monthly payments.
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“The relief announced today includes borrowers who benefited from the government’s limited PSLF forgiveness, a temporary opportunity that ends in October 2022, as well as regulatory improvements to the program during this administration,” the release said.
President-elect Trump and President Biden (Getty Images)
During the 2020 presidential campaign, Biden promised to forgive the student loans of millions of Americans if elected, but the president has continued to face legal hurdles as he attempts to eliminate hundreds of billions of dollars in debt.
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after Supreme Court blocks Biden administration The president and his team first attempted to provide broad student loan forgiveness, ruling that it was an overreach of the executive branch’s authority under the Constitution, and began looking into other options to provide relief.
President-elect Trump has yet to specify how he will approach the Biden administration’s student loan program, but he has said he plans to transform the entire education system during his term.
Fox News Digital’s Audrie Spady contributed to this report.
