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Joe Biden on Thursday announced a new round of student loan forgiveness by canceling $5.8 billion in federal loans for 78000 public sector workers. Emails are also sent by the administration signed by President Joe Biden to 380000 borrowers in the public sector informing them that they are one to two years away from getting the cancellation of debt.
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As of June 2023, about 43.4 million recipients of US student loans had $1.63 trillion in outstanding loans according to the Federal Student Aid website. Steep interest and hefty repayments on these student loans restrict Americans from buying homes or making any investments.
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The latest group includes public service workers such as teachers, nurses and firefighters who qualify under the Public Service Loan Forgiveness Program created in 2007 to forgive student debt for Americans going into Public service.
In the latest statement, Biden said,” These public service workers have dedicated their careers to serving their communities but because of past administrative failures never got the relief they were entitled to under the law.”
Biden is seeking re-election in November and needs the youth to vote for him. In addition to this, he added,” I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans, and build an economy from the middle out and bottom up.”
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