The Biden administration announced an additional $4.28 billion in student loan relief as President Biden and Vice President Harris prepare to leave the White House.
The largest loan amount will provide 54,900 government employees with loan forgiveness.
“Four years ago, the Biden-Harris Administration made a pledge to America's teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I'm proud to say it has been delivered,” Education Secretary Miguel Cardona said in a statement. on Friday.
This action brings the total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.
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Biden approved nearly $180 billion in student loans during his time in office. (Daniel Steinle/Bloomberg via Getty Images)
“With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 federal employees, the Administration has secured nearly $180 billion in life-changing debt relief for nearly five million students,” Cardona said. “The US Department of Education's successful transition to the PSLF Program is a testament to what can happen when you have leaders, like President Biden and Vice President Harris, who are relentlessly focused on making government serve the needs of working people every day.”
Biden announced an additional $4.28 billion in student loan relief shortly before he left office. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration has proposed a plan to create an “incentive” for government employees to “pursue and stay” in their jobs by forgiving outstanding balances of borrowers after making 120 monthly payments.
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“The relief announced today includes both borrowers who benefited from the limited waiver of the PSLF, which is a temporary opportunity that ended in October 2022, and from the regulatory improvements made to the program during this program,” the release said.
President-elect Donald Trump and President Biden (Getty Images)
In his 2020 presidential campaign, Biden promised to forgive the student loans of millions of Americans if elected, but the president has faced continued legislative obstacles in his bid to eliminate hundreds of billions of dollars in debt.
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After the The Supreme Court blocked the Biden administration the first attempt to provide comprehensive student loan forgiveness, in deciding that it was an excess of executive authority under the Constitution, the president and his team began working on other methods to provide handouts.
President-elect Trump has not said specifically how he will deal with the Biden administration's student loan programs, but he has said he plans to overhaul the entire education system during his term.
Fox News Digital's Audrie Spady contributed to this report.
