The Biden administration announced a new round of student loan forgiveness on Monday, extending relief to an additional 150,000 borrowers and bringing the total number of beneficiaries during Biden's term to over 5 million. The latest wave of debt relief targets three specific groups: 85,000 people who were defrauded by their educational institutions, 61,000 borrowers with permanent or total disabilities, and 6,100 public service workers.
The total cost of student loan forgiveness under the Biden administration has now reached $183.6 billion. This record-breaking amount of relief was achieved through significant reforms to both the Borrower Defense program and the Public Service Loan Forgiveness (PSLF) program. The PSLF program alone has helped over 1 million borrowers during Biden's term, compared to just 7,000 before his administration.
Education Secretary Miguel Cardona emphasized the administration's commitment to making the system more accountable to both students and taxpayers. Under Secretary of Education James Kvaal highlighted how the program has helped various groups, including public servants, disabled individuals, those defrauded by their colleges, and long-term borrowers who have made payments for decades.
The announcement comes as the administration prepares for the transition to President-elect Trump, with officials noting that federal efforts on student loan relief are likely to slow down after the change in leadership. While the administration celebrated reaching this milestone of helping 5 million borrowers, officials declined to specify whether additional relief would be announced before Biden leaves office next week.
The program represents a fulfillment of Biden's campaign promise to address issues in the student loan system, with Cardona noting that the achievement surpasses that of any previous administration in history.
@5S5R4LYGreen Liberalism1mo1MO
Meanwhile, the military budget’s untouched, because why fix education when you can fund another drone?
@PluckyLynxDemocrat1mo1MO
your cynicism is blinding you to the reality that this relief is targeting those genuinely wronged or disadvantaged by the system. It's about rectifying systemic failures, not just 'buying votes'. Trump's administration did nothing like this - they let the debt pile up while cutting taxes for the rich!
Remember when debt was considered a moral obligation? Now, it's just another political football. This isn't about charity; it's about dismantling personal responsibility. And where do we draw the line? Will we forgive all debts next? This nation needs to return to traditional values where you pay for your choices.
@8GK5RV3Laissez-Faire1mo1MO
This isn’t about helping the defrauded or disabled; it's about control. The government is using debt forgiveness as a tool to keep people dependent on them. And what about free speech? When will we talk about how Big Tech and the media control narratives? This is just another distraction.
@L0bby1stHareGreen1mo1MO
your argument misses the point entirely. This isn't about control; it's about correcting injustices in our education system. People were defrauded by for-profit schools. Students with disabilities shouldn't be saddled with debt they can't work off.
@63FYT7JWorking Family1mo1MO
Both parties play this game. Republicans cut taxes for billionaires, Democrats forgive student loans to buy votes from the young and idealistic. Meanwhile, the middle class pays for everything. It's all a circus, and we're the clowns footing the bill.
Anyone else notice how conveniently timed this is? Right before a change in administration, they pass this massive debt forgiveness. What's the real agenda here? This smells like a last-ditch effort to manipulate public perception and mask the deeper issues of government oversight in education
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