Biden Rolls Out $4B Student Loan Relief for Workers

By Kevin Joseph October 18, 2024

The Biden-Harris administration is excited to share news about another round of student loan relief.

$4.5 billion in debt has been canceled for 60,000 public service workers.

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Exciting updates have been made to the Public Service Loan Forgiveness (PSLF) Program.

Biden's total loan forgiveness has surpassed $175 billion, benefiting 4.8 million borrowers.

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Vice President Harris shares the exciting news of an increase from 7,000 to over one million PSLF approvals.

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A White House report first mentioned $4.7 billion in relief, but it was later updated to $4.5 billion.

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The administration says that $170 billion in student debt has been forgiven.

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PSLF is here to support public sector workers with their student loans after they've made ten years of payments.

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Before Biden, a whopping 97.9% of PSLF applications faced rejection. Recent reforms have broadened the eligibility for debt cancellation.

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In July, there was $1.2 billion in PSLF relief for another 35,000 borrowers. Biden's wider plans for debt relief are encountering some legal hurdles.

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States led by the GOP are challenging Biden's SAVE repayment plan.

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Some Republicans believe that debt forgiveness isn't fair to those who haven't attended college.

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U.S. District Judge Matthew Schelp has put a stop to the mass loan cancellation efforts.

The Supreme Court has put a stop to a $430 billion debt relief initiative.

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Another try under the Higher Education Act is also experiencing some delays.

The Education Department is still providing focused relief while navigating through ongoing lawsuits.

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Biden promises to make higher education a reachable goal for everyone.

Even with some legal challenges, the administration is continuing its efforts to make changes to student loans.

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