President Joe Biden announced on Friday the cancellation of student loans for an additional 55,000 Americans, totaling $4.28 billion in debt relief during his final month in office. This decision benefits individuals in public service roles, such as “teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities,” Biden said in a statement from the White House.
This latest round of debt forgiveness brings the total number of beneficiaries under Biden’s administration to nearly 5 million people. “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 emphasized, underscoring his commitment to alleviating the financial burdens of education for Americans.
Education Secretary Miguel Cardona stated that Friday’s approval pushes the total amount of student debt relief granted during Biden’s tenure to approximately $180 billion. This sweeping effort has provided nearly five million borrowers with what Cardona described as “life-changing student debt relief.”
In 2022, Biden introduced a landmark forgiveness program aimed at canceling hundreds of billions of dollars in student debt. The plan would have allowed some borrowers to receive up to $20,000 in debt cancellation, while most others would have been eligible for $10,000 in relief. However, the Supreme Court, dominated by conservatives, struck down the program in 2023, ruling that the president had exceeded his authority due to the significant financial implications of the initiative.
The cost of higher education in the United States remains a substantial burden. College expenses can range from $10,000 to $70,000 annually, often leaving graduates with overwhelming debt as they begin their careers. According to the Pew Research Center, one in four Americans under the age of 40 carried student loan debt in 2023. The median debt amount varied by education level, typically falling between $20,000 and $25,000.
This latest move by Biden underscores his administration’s ongoing efforts to ease the student debt crisis, particularly for those who serve their communities in critical roles.
