The White House revealed its ambitious plan to cancel $4.8 billion in federal student loan debt, aiming to provide relief to an additional 80,300 borrowers. With this move, the Biden-Harris Administration proudly declared a total approved debt cancellation of $132 billion for over 3.6 million Americans.
The latest round of debt cancellation is intended to fix Public Service Loan Forgiveness, specifically targeting teachers, military personnel, nurses, and other public service workers.
Biden’s announcement showcased the administration’s accomplishments for students and borrowers, but some critics argued that these gains come at the expense of American taxpayers.