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President Joe Biden has announced that he will cancel $5.8 Billion in student loans for 78,000 borrowers. The debt he is forgiving is for public service workers, which include teachers, nurses, firefighters and others enrolled in the Public Service Loan Forgiveness (PSLF) program.
Since he took office in 2021, the total amount the Biden administration has cancelled students’ debt is $144 billion for nearly 4 million Americans.
Around 43 million people in the US have student loan debt.
The U.S. Supreme Court has already said Biden’s debt relief was unconstitutional when they ruled against him in a 6-3 decision. The High Court said that federal law did not allow his Secretary of Education to cancel more than $430 billion in student loan debt. But that’s not stopping him from giving out more debt relief handouts.
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Last week, Biden asserted that the Supreme Court didn’t stop him from canceling student debt though he admitted they ruled against him.
Republicans say Biden’s move is nothing more than a campaign gimmick and the loans not laid back will be paid for by U.S taxpayers.
This move to forgive student debt for public service employees under the PSLF program created in 2007 and signed into law by President George W. Bush to forgive student debt for Americans who go into public service. It also applies to nonprofit employees.
As of June 2023, Federal Student Aid website showed over 43 million Americans had outstanding student loans totaling $1.63 trillion.
