The Biden administration has approved the cancellation of $1.2 billion in student loan debt for 35,000 borrowers working in public service roles such as nurses, teachers, first responders, and law enforcement officers. Since President Joe Biden took office in January 2021, a total of 4.76 million borrowers have received an average of more than $35,000 in debt relief.
Stephanie Hall, senior director for Higher Education Policy at the Center for American Progress, responded to the announcement with a statement:
"We commend the Biden administration for its continued efforts to repair the student loan system. Not only does this action support individual financial well-being, but it also strengthens the broader economy by giving borrowers the economic freedom to invest in their futures through homeownership, entrepreneurship, and other pursuits."
Hall emphasized the importance of maintaining and protecting pathways to student debt relief: "Higher education should be a gateway to opportunity, not a financial burden."
For further information or to speak with an expert on this topic, contact Mishka Espey at [email protected].
