The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

President Joe Biden announced Thursday that the White Househas approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.

The 78,000 eligible public service workers include teachers, nurses and firefighters, according to the White House.

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It’s the latest student debt cancellation move through Public Service Loan Forgiveness programs, which allow eligible borrowers to have their remaining debt forgiven if they have made a certain number of payments and are working for approved employers.

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Last year, the Supreme Court invalidated Biden’s more far-reaching student loan debt relief plan, arguing that it was unlawful because Congress did not explicitly approve the move.

  • lennybird@lemmy.worldEnglish
    16·
    9 months ago

    Reading comments on Youtube and so forth, I actively lose brain cells. Fun facts to counter sour right-wing talking-points:

    • Those forgiven under this fall under the DoE’s discretion in lieu of the Public Service Loan Forgiveness (PSLF) program that was legislation signed into law under… George W. Bush. The Biden Administration is just streamlining and actively using a system that was already in place but unused.

    • It’s nice to see the working class get bailed out for once instead of banks and big corporations.

    • Tuition has risen since the boomers’ time, and in addition to that unregulated private diploma mills have taken advantage of many people all the while contributing to degree-inflation.

    Edit: You guys are too kind to have not pointed that out lmao.