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The Biden-Harris Administration announced today the approval of $4.28 billion in additional student loan forgiveness for 54,900 public service workers. This latest action increases the Administration’s total student debt relief to nearly $180 billion for approximately five million Americans.
The relief stems from extensive reforms made to the Public Service Loan Forgiveness (PSLF) Program, a federal initiative that incentivizes careers in education, public health, law enforcement, and other vital public service fields. Borrowers qualify for loan forgiveness after making 120 qualifying monthly payments while employed in eligible public service roles.
U.S. Secretary of Education Miguel Cardona lauded the Administration’s commitment, stating:
“Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered.”
Cardona continued, highlighting the transformative impact of these efforts:
“The Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers. This is a testament to what’s possible when leaders focus on making government work for everyday Americans.”
The latest forgiveness includes beneficiaries of the now-concluded limited PSLF waiver and recent regulatory improvements. As of July 2024, the PSLF Program is managed directly via StudentAid.gov, offering borrowers improved access and transparency in tracking their progress toward forgiveness.
A Record of Support for Borrowers
Since taking office, the Biden-Harris Administration has prioritized relief for student loan borrowers, addressing long-standing challenges and systemic issues in federal repayment programs. In addition to PSLF reforms, the Administration has:
- Approved $56.5 billion for 1.4 million borrowers through Income-Driven Repayment plans, including the SAVE plan, which simplifies payments and aids forgiveness eligibility.
- Forgiven $28.7 billion for 1.6 million borrowers impacted by institutional closures, fraud, or court settlements.
- Canceled $16.2 billion in debt for 572,000 borrowers with total and permanent disabilities.
The Administration also enacted the largest Pell Grant increase in a decade, adding $900 to the maximum award. Additionally, new regulations ensure career programs deliver value and protect graduates from unaffordable debt.
These historic measures reflect the Administration’s commitment to reducing barriers to education and economic opportunity.
