Biden announces $4.28 billion in student loan relief for 55,000 borrowers

President Joe Biden’s administration announced on Friday another $4.28 billion dollars in student loan relief for nearly 55,000 public service workers.

The announcement brings the total loan forgiveness by the Biden administration to “approximately $180 billion for nearly 5 million Americans,” according to a fact sheet from the Department of Education.

The forgiveness will be delivered to individuals enrolled in the Public Service Loan Forgiveness program (PSLF), which allows for debt forgiveness for people in jobs like firefighting, nursing and teaching after 10 years of continuous payment.

The Biden administration has made fixes to this program that had failed to deliver student loan relief to many due to poor implementations and errors in the program, officials said.

“The public servants approved for debt cancellation today include teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities and who are finally earning the relief they are entitled to under the law,” Biden said in a statement.

Of the nearly 5 million borrowers who have had more than $180 billion in debt relieved by the administration, more than 1 million were through the PSLF. The relief for those PSLF borrowers totals about $78 billion, the administration said.

“From Day One of my Administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” Biden said in a statement.

He added, “Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.”