Biden Announces $4.5B Student Loan Debt Forgiveness

President Joe Biden's administration has announced the cancellation of $4.5 billion in student loan debt for over 60,000 public service workers, as part of the Public Service Loan Forgiveness (PSLF) program. This brings the total student debt forgiven by the administration to over $175 billion, benefiting nearly 5 million people, including 1 million public servants. The PSLF program, established in 2007, was criticized for its complex eligibility requirements, which led to high rejection rates until reforms were introduced. Despite legal challenges and a Supreme Court ruling that struck down broader student debt forgiveness initiatives, the administration continues to pursue debt relief strategies. These efforts come as Biden aims to fulfill campaign promises amid political and legal hurdles. The latest debt relief is seen as a move to bolster support among key voter demographics ahead of the 2024 elections.