Biden cancels US$6b in student loan debt for 78,000 public service workers

Biden cancels US$6b in student loan debt for 78,000 public service workers
Biden cancels US$6b in student loan debt for 78,000 public service workers

Hello and welcome to the details of Biden cancels US$6b in student loan debt for 78,000 public service workers and now with the details

Nevin Al Sukari - Sana'a - US President Joe Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel US$430 billion in student loan debt. — Reuters pic

WASHINGTON, March 21 — US President Joe Biden announced today that US$6 billion in student loans would be canceled for 78,000 borrowers, bringing his administration’s total student debt cancellation to nearly US$150 billion.

Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel US$430 billion in student loan debt.

The latest group includes public service workers, like teachers, nurses and firefighters, who qualify under the Public Service Loan Forgiveness Program created in 2007 to forgive student debt for Americans who go into public service.

“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 said in a statement.

Advertisement

As of June 2023, about 43.4 million US student loan recipients had US$1.63 trillion in outstanding loans, according to the Federal Student Aid website. Higher education debt has tripled since the 2008 financial crisis.

Steep interest and hefty payments on these loans mean younger Americans struggle to buy homes or make other investments, and Democrats have pushed for US government forgiveness for years. Republicans largely oppose such actions.

Biden is seeking re-election in November and needs the youth vote to help him win.

Advertisement

“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,” Biden said.

A White House official said Biden’s latest move brought the total amount of debt cancellation under the Biden administration to US$144 billion for nearly 4 million Americans. — Reuters

These were the details of the news Biden cancels US$6b in student loan debt for 78,000 public service workers for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Germany arrests two men accused of spying for Russia
NEXT Barrage of Russian attacks aims to cut Ukraine's lights

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]