U.S. President Joe Biden announced the cancellation of $4.28 billion in student loans for an additional 55,000 Americans in his final month in office. The debt relief targets teachers, nurses, service members, law enforcement officials, and other public service workers who have contributed to their communities, according to a White House statement issued Friday.
This latest move brings the total number of beneficiaries under Biden’s administration to nearly 5 million people. “From the start of my presidency, I committed to ensuring higher education serves as a pathway to the middle class, not an obstacle to opportunity,” Biden said.
Education Secretary Miguel Cardona highlighted that this brings the total debt relief during Biden’s tenure to nearly $180 billion, aiding millions of borrowers.
Biden initially launched a historic forgiveness program in 2022, aiming to cancel up to $20,000 in debt for certain borrowers and $10,000 for most others. However, the Supreme Court struck down the program in 2023, ruling that the president exceeded his authority due to the program’s financial scale.
Student loan debt remains a significant burden in the U.S., with college costs ranging from $10,000 to $70,000 annually. According to Pew Research, one in four adults under 40 carries student loan debt, with the median amount owed between $20,000 and $25,000 as of 2023.
