President Joe Biden has announced a new round of student debt cancellation, even as his administration grapples with major political headwinds. The White House announced today that 35,000 public service workers will have their student loans forgiven under the Public Service Loan Forgiveness program.
This latest action brings the total number of Americans benefiting from the administration’s debt relief initiatives to nearly 4.8 million. On average, each borrower has seen over $35,000 in debt cancelled.
The newly announced beneficiaries include educators, healthcare workers, and first responders. The Biden administration emphasizes that this move aims to provide financial relief to those who have devoted their careers to serving their communities.
“Because of the fixes we made to Public Service Loan Forgiveness, they will now have more breathing room to support themselves and their families.”
This announcement is part of a broader initiative by the Biden administration to address student debt and higher education affordability. Other measures include:
1. Increasing the maximum Pell Grant
2. Improving Income-Driven Repayment plans
3. Holding colleges accountable for student outcomes
4. Proposing new plans to cancel debt for over 30 million Americans
However, this policy announcement comes at a challenging time for the President. Recent reports indicate that Biden’s re-election campaign is facing substantial hurdles. Some allies have urged him to consider stepping aside, while campaign donations have reportedly decreased significantly. Additionally, there are suggestions that some within his own re-election team harbor doubts about his chances of securing another term.
The President’s recent positive COVID-19 test has further complicated matters, forcing him to isolate at his Delaware home and limiting his ability to campaign in person.
