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US President Joe Biden on Thursday announced an additional $4.5 billion in student debt relief for public servants, just weeks ahead of the presidential election.
The relief package will benefit approximately 60,000 borrowers nationwide, the White House said, highlighting the administration’s ongoing efforts to expand loan forgiveness since Biden took office.
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The announcement underscores Biden’s and Vice President Kamala Harris’s commitment to supporting student loan borrowers, particularly those in public service roles such as teachers and healthcare workers.
Harris is currently running as the Democratic nominee for the presidency, facing off against former Republican president Donald Trump in the upcoming election.
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With voters citing the economy as a major concern and many families struggling with the rising cost of living in the aftermath of the COVID-19 pandemic, the timing of the relief is seen as significant.
Biden emphasized that, under the Public Service Loan Forgiveness program, over one million borrowers have now had their debt wiped clean during his administration.
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The program, which promises student debt cancellation for public servants after 10 years of service and payments, had failed to deliver on its promises for years, with only about 7,000 people receiving forgiveness before Biden took office.
“For too long, the government did not keep its word, but I will never stop working to make higher education affordable,” Biden said in a statement.
The latest move builds on Biden’s broader push to cancel student debt for millions of Americans, following the student loan payment freeze implemented by former president Trump during the pandemic.
Currently, U.S. student loan debt stands at a staggering $1.6 trillion, with many borrowers paying off loans for decades as they build careers and families.
