The Biden administration on Wednesday unveiled a fresh wave of student debt relief, forgiving $4.8 billion for approximately 80,300 individuals.
The announcement propels the total student debt cancellation under President Joe Biden's tenure to a staggering $132 billion, benefiting over 3.6 million Americans, reported Axios.
The newly approved relief aligns with the administration's strategic focus on rectifying the issues plaguing the Public Service Loan Forgiveness (PSLF) program. PSLF seeks to obliterate the student loan balances of public service workers who have diligently served for a decade while making 120 qualifying payments.
Biden, undeterred by the Supreme Court's rejection of his expansive student debt forgiveness plan earlier this year, continues to implement relief measures, bypassing the need for both congressional and court approval.
Biden on Wednesday emphasized the administration's commitment to exploring alternative avenues for delivering student debt relief promptly.
"In the wake of the Supreme Court's decision on our student debt relief plan, we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible," he said in a statement.
Biden's administration has successfully provided financial relief for millions of borrowers by employing alternative mechanisms.
With student loan payments resuming on Oct.1 and interest accruing on federal student loans from Sept. 1, the recent debt relief measures offer a tangible reprieve for a significant segment of borrowers.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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