President Joe Biden unveiled more than $4 billion in student debt cancellation Friday for those who work in public service, a move which comes weeks before his departure from the Oval Office.
The latest student loan cancellation will impact 55,000 public service workers, Biden said in a statement from the White House about the program.
“Over the last four years, we have made significant progress for students and borrowers, including securing the largest increase to the maximum Pell Grant award in over a decade,” Biden commented.
Biden said those actions also included “holding institutions accountable for taking advantage of students” as well as “fixing broken student loan programs such as Public Service Loan Forgiveness and Income Driven Repayment.”
“Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt,” the outgoing president added.
The latest round of debt cancellation will cost the federal government a total $4.28 billion.
Biden, who unveiled the move as he entered the final month of his presidency, has announced similar student loan forgiveness moves over the past few years.
He has now nixed $180 billion in student loans for 4.9 million people, which is more debt than any of his predecessors in the Oval Office, according to a report from CNBC.
Biden previously tried to do away with $400 billion in student loans, but the Supreme Court ruled 6-3 last year against his plan.
Is student debt cancellation a good idea?
The majority said the attempt exceeded his constitutional authority.
That debt cancellation program would have removed $10,000 in student loans for those making less than $125,000 or for households with less than $250,000 in income.
Pell Grant recipients, who must show an elevated level of financial need, would have had an additional $10,000 in debt forgiven.
Since the Supreme Court decision, Biden has been announcing smaller student debt cancellation packages.
In April, for instance, the president said he would cancel $7.4 billion in student debt for 277,000 borrowers.
The White House claimed that the move would “reinforce the President’s commitment to using every path available to deliver student debt relief to as many borrowers as possible through various actions.”
Republicans have usually been critical of those student debt cancellation efforts.
Among other concerns, they say Biden is seeking to buy votes and shore up support for himself and other Democrats.
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