Biden cancels nearly $4.3 billion more in student loans, ‘I promised to…’

Joe Biden has cancelled nearly $4.3 billion more in student loans as a final act of forgiveness before leaving office. In a statement issued by the White House Friday, the president announced his plans to wipe out $4.28 billion in debt for about 55,000 public sector workers. The move brings the total number of all individuals who have been relieved of their student loans to nearly five million, his office said, per Reuters.

Biden cancels nearly $4.3 billion in student loans for 55,000 public sector workers

“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 said in a statement.

“Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt,” he added.

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Following Friday’s move, about $78 billion in student loans have been forgiven in total for nearly 1.1 million public service workers. Student debt relief was one of the key pledges Biden made during his 2020 campaign.

However, he faced several obstacles during his time in the office. Last year, the Supreme Court rejected his proposal to provide debt relief to over 40 million people.

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The mass cancellation of debt is for “teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities,” the president added in his statement.

US Secretary of Education Miguel Cardona hailed Biden’s latest round of student loan forgiveness, noting that it brings the total amount secured during his term to “nearly $180 billion in life-changing student debt relief for nearly five million borrowers.”