President Joe Biden has announced the cancellation of nearly $6 billion in student debt for 78,000 public service workers, including teachers, nurses, and firefighters.
This move is part of a broader effort by the Biden administration to address student loan burdens, with $143 billion in debt already cancelled for nearly 4 million individuals.
However, Republicans have criticized the debt forgiveness, arguing that it places the financial burden on US taxpayers and contributes to rising university fees.
Despite this criticism, Biden emphasized the importance of providing relief to public service workers who have dedicated their careers to serving their communities.
The average amount of student loan debt cancelled for these workers is around $77,000.
Biden’s statement highlighted that these individuals had not received the relief they were entitled to under past administrations due to administrative failures.
The issue of student loan debt affects approximately 43 million Americans, with federal loans comprising the majority.
Although Biden’s initial plan for broader student debt relief was rejected by the Supreme Court last year, his administration has been exploring various loan repayment plans to alleviate debt burdens.
The Supreme Court’s ruling that Biden cannot unilaterally cancel large amounts of student debt without congressional approval has led to efforts to find alternative ways to provide relief.
This issue has become a focal point for young voters, a demographic Biden aims to appeal to in the upcoming presidential election.
The latest debt relief plan specifically targets government and nonprofit organization workers enrolled in the Public Service Loan Forgiveness program.
This program allows eligible full-time workers to have their debt cancelled after making 120 monthly payments.
Source-BBC
