On Friday, US President Joe Biden announced the cancellation of student loans for an additional 55,000 Americans, resulting in a total debt relief of $4.28 billion in the final month of his administration.
A significant debt cancellation initiative targets “teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities,” according to a statement released by the White House on Friday.
The latest group of beneficiaries indicates that “nearly 5 million people” have received approval for debt relief under the Biden administration.
“From the very first day of my administration, I committed to ensuring that higher education serves as a pathway to the middle class rather than an obstacle to opportunity,” stated the outgoing president.
US Secretary of Education Miguel Cardona announced that the recent approval marks a significant milestone, bringing the total amount of student debt relief secured during President Biden’s administration to “nearly $180 billion for nearly five million borrowers.”
The Democratic president implemented a significant forgiveness program in 2022 aimed at canceling hundreds of billions in student debt. This initiative allowed certain borrowers to qualify for $20,000 in cancellations, while the majority were eligible for $10,000.
In a significant decision in 2023, the Supreme Court, which is largely conservative, struck down the program, asserting that the president had exceeded his authority due to the substantial amount involved.
In the United States, the annual cost of attending college can range from $10,000 to $70,000, resulting in significant debt for many graduates as they begin their careers.
