This latest round of loan forgiveness targets teachers, nurses, military personnel, law enforcement officers, and other public service workers who have committed their lives to serving their communities. According to the White House, the new approvals bring the total number of borrowers who have benefited from debt relief under Biden’s administration to nearly 5 million.
“From Day One of my administration, I promised to ensure that higher education serves as a pathway to the middle class, not a barrier,” President Biden said in a statement.
U.S. Secretary of Education Miguel Cardona also highlighted that Friday’s approvals contribute to nearly $180 billion in student debt relief, impacting nearly five million borrowers during Biden’s four years in office.
In 2022, the Biden administration introduced a significant student debt forgiveness program that sought to cancel hundreds of billions in student debt. This plan would have provided eligible borrowers with $20,000 in debt cancellation, while most qualified borrowers were eligible for $10,000.
However, the conservative-majority Supreme Court ruled against the program in 2023, arguing that the president had exceeded his authority due to the large scale of the forgiveness.
In the U.S., the rising cost of higher education — often ranging from $10,000 to $70,000 per year — has left many graduates burdened with significant debt as they enter the workforce. According to the Pew Research Center, one in four Americans under 40 holds student loan debt, with the median amount owed ranging between $20,000 and $25,000 in 2023, depending on education level.
