Biden Cancels $4.28 Billion in Student Debt

The Biden administration has approved an additional $4.28 billion in student loan forgiveness for nearly 55,000 public service workers, marking a significant step in addressing student debt burdens, particularly for those in government and nonprofit sectors. Secretary of Education Miguel Cardona highlighted this as part of the administration's commitment to support public servants, bringing total relief under the Public Service Loan Forgiveness (PSLF) program to approximately $78 billion for about 1.1 million workers. This latest announcement comes after the Supreme Court blocked a broader student debt cancellation plan, pushing the administration to focus on targeted relief. Critics argue that such spending contributes to the national debt, which now exceeds 100% of GDP. Despite the challenges, President Biden has maintained that these actions are essential for providing opportunities and economic relief to dedicated public service workers. The PSLF program has seen significant changes under Biden, with a previously high rejection rate now addressed through more accessible rules for eligibility.