On Thursday, U.S. President Joe Biden announced additional student debt relief for public servants totaling approximately $4.5 billion, just over two weeks before the presidential election.
This relief is expected to benefit around 60,000 borrowers nationwide, according to the White House, which highlighted Biden and Vice President Kamala Harris's commitment to enhancing loan forgiveness since they took office.
Harris is the Democratic nominee in the upcoming presidential election, facing off against former Republican President Donald Trump.
The announcement comes at a time when families are grappling with increased living costs stemming from the COVID-19 pandemic, and voters have identified the economy as a crucial issue in surveys.
In his statement, Biden noted that this latest action means over one million individuals have had their debt canceled through the Public Service Loan Forgiveness program.
This program offers student debt relief to teachers, nurses, and other public servants after they complete 10 years of public service and make 10 years of payments.
Biden remarked, "But for too long, the government failed to live up to its commitments, and only 7,000 people had ever received forgiveness." He emphasized, "I will never stop working to make higher education affordable."
In her statement, Harris expressed that higher education "should be a pathway to economic opportunity, not a lifetime of debt." She also vowed to "continue our work to lower costs, make higher education more affordable, and relieve the burden of student debt."
Biden has initiated efforts to cancel student debt for millions of Americans, following a student loan payment freeze implemented by Trump during the pandemic.
Currently, Americans hold $1.6 trillion in student loans, with many repaying these debts over decades as they begin their careers and families.
