US President Joe Biden has announced additional student debt relief for public servants, amounting to approximately $4.5 billion, just over two weeks before the presidential election.
The relief will benefit around 60,000 borrowers nationwide, according to the White House, highlighting the Biden administration’s efforts to enhance loan forgiveness since taking office.
Vice President Kamala Harris, who is the Democratic nominee for the upcoming election against Republican former president Donald Trump, has also been a key figure in promoting student loan reforms.
The announcement comes at a time when many households are grappling with the rising cost of living, a key concern among voters in recent polls.
In his statement, Biden noted that over one million individuals have had their debt cancelled under the Public Service Loan Forgiveness (PSLF) program since he took office.
The PSLF program is designed to forgive student debt after 10 years of public service and payments, particularly benefiting teachers, nurses, and other public workers.
However, Biden pointed out that before his administration, only 7,000 people had successfully received forgiveness, citing government failures in meeting its obligations.
Since taking office, Biden has pushed for broad-based student debt cancellation, building on a loan payment freeze first instituted by former president Trump during the COVID-19 pandemic.
Americans currently hold $1.6 trillion in student loan debt, with many facing decades of repayment as they manage careers and family responsibilities.
