In a recent announcement that sent shockwaves through the nation, the Biden-Harris administration unveiled an additional $4.5 billion in student debt relief for over 60,000 public service workers. This latest round of loan forgiveness brings the total student debt cancellation under the current administration to a staggering $175 billion, providing much-needed relief to nearly 5 million borrowers.
A Beacon of Hope for Public Service Workers
Secretary of Education Miguel Cardona expressed his pride in the administration’s unwavering commitment to fixing the broken Public Service Loan Forgiveness (PSLF) program. Since its inception in 2007, a mere 7,000 public servants had received relief through PSLF prior to the Biden-Harris administration taking office.
As Secretary of Education, I want to send a message to college students across America that pursuing a career in public service is not only a noble calling but a reliable pathway to becoming debt-free within a decade.
– Miguel Cardona, US Secretary of Education
A Multifaceted Approach to Student Debt Relief
The Biden-Harris administration has tackled the student debt crisis from multiple angles, providing relief through various programs:
- Income-Driven Repayment Plans: Over 1.4 million borrowers received $56.5 billion in relief
- Borrower Defense: More than 1.6 million borrowers who were cheated by their schools received $28.7 billion in relief
- Total and Permanent Disability Discharge: Nearly 572,000 borrowers with total and permanent disabilities received $16.2 billion in relief
Ongoing Court Battles and the Save Program
Despite these significant strides, the administration’s efforts have faced setbacks in the courts. The one-time student loan forgiveness program, which would have provided up to $20,000 in relief for borrowers, was struck down by the US Supreme Court in 2023. Additionally, the Saving on a Valuable Education (Save) program, launched last year, is currently tied up in litigation as several Republican states seek to block its implementation.
A recent development in the Save program’s court battle saw a federal judge in Georgia allow a temporary block on the program to expire. If the Save program survives further legal challenges, it has the potential to provide student debt relief to over 30 million Americans.
A Promise to Continue the Fight
Vice President Kamala Harris reaffirmed the administration’s dedication to making higher education more affordable and reducing the burden of student debt. In a statement following the latest relief announcement, she emphasized her long-standing commitment to this cause:
Higher education should be a pathway to economic opportunity – not a lifetime of debt. That is why I have fought to make education more affordable and reduce the burden of student debt throughout my career.
– Vice President Kamala Harris
As the nation watches closely, the Biden-Harris administration continues to navigate legal challenges while exploring all available avenues to provide relief to the millions of Americans burdened by student debt. With the 2024 presidential election on the horizon, the outcome of these ongoing efforts is certain to have a significant impact on the political landscape and the lives of countless borrowers across the country.
