President Joe Biden will announce Thursday that about 78,000 public service workers will have their student loans forgiven by his administration.
The workers, which include teachers, nurses, firefighters and others, have “dedicated their careers to serving their communities,” Biden said in a statement.
The debt cancellations will bring his administration’s total forgiveness to about $144 billion for nearly 4 million Americans, according to the White House.
“From day one of my Administration, I promised to fix broken student loan programs and make sure higher education is a ticket to the middle class, not a barrier to opportunity,” he said.
He added, “I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans, and build an economy from the middle out and bottom up.”
The student loan forgiveness announced on Thursday brings the administration’s total cancellations for public service workers to 870,000, Biden said. That’s up from only about 7,000 such borrowers “ever receiving forgiveness prior to my Administration,” he added.
“And through all of our various student debt relief actions, nearly four million Americans have had their student debt cancelled under my Administration,” he said.
The Biden administration recently announced plans to forgive student loans for approximately 78,000 public service workers. This move is part of President Biden’s broader efforts to address the student loan debt crisis in the United States and provide relief to those who have dedicated their careers to public service.
The Public Service Loan Forgiveness (PSLF) program was established in 2007 with the goal of encouraging individuals to pursue careers in public service by offering loan forgiveness after 10 years of qualifying payments. However, the program has been plagued by issues, with many borrowers facing challenges in meeting the program’s requirements and ultimately having their applications for loan forgiveness denied.
Under the Biden administration’s plan, approximately 78,000 borrowers who were previously denied loan forgiveness under the PSLF program will have their loans forgiven. These borrowers include teachers, social workers, nurses, and other public service workers who have made significant contributions to their communities.
This announcement comes as welcome news to many public service workers who have been struggling with student loan debt for years. For many individuals working in public service, student loan debt can be a significant barrier to financial stability and can hinder their ability to fully engage in their chosen careers.
By forgiving student loans for these 78,000 public service workers, the Biden administration is not only providing much-needed relief to individuals who have dedicated their careers to serving others but also sending a clear message about the value of public service in our society.
In addition to forgiving student loans for these borrowers, the Biden administration has also proposed expanding the PSLF program to make it easier for more individuals to qualify for loan forgiveness in the future. These efforts are part of a broader push by the administration to address the student loan debt crisis and make higher education more accessible and affordable for all Americans.
Overall, the Biden administration’s plan to forgive student loans for 78,000 public service workers is a positive step towards addressing the student loan debt crisis and providing much-needed relief to those who have dedicated their careers to serving others. It is a clear demonstration of the administration’s commitment to supporting public service workers and ensuring that they are able to continue making valuable contributions to their communities.
