Biden official announced another $4.28 billion in student loans

Biden administration Another $4.28 billion in student loans announced as President Biden and Vice President Harris prepare to leave the White House.

The mega loan grant will provide loan forgiveness to 54,900 government employees.

“Four years ago, the Biden-Harris Administration pledged to America’s teachers, service members, nurses, first responders, and other public employees that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we’re going to make it easier,” Education Secretary Miguel Cardona said in a statement Friday.

This measure brings the total loan forgiveness approved by Biden to nearly $180 billion for nearly 5 million borrowers.

House GOP leaders scramble for Plan B after Trump, and Musk leads conservative fury against spending bill

“With the approval of another $4.28 billion in loan forgiveness for about 55,000 state employees, the administration secured nearly $180 billion in student debt relief that changed the lives of nearly five million borrowers,” Cardona said. “US Department of Education The successful transformation of PSLF is a testament to what is possible when you have leaders, like President Biden and Vice President Harris, who are relentlessly and unapologetically focused on making government deliver for everyday workers.

The Biden-Harris administration has touted the program to create an “incentive” for public employees to “pursue and stay in their careers” by forgiving borrowers’ remaining balance after making 120 qualifying monthly payments.

Dad who sacrificed savings to pay for son’s college calls student loan forgiveness ‘a bitter pill’

“The relief announced today includes both borrowers who took advantage of the administration’s limited PSLF relief, a temporary opportunity that expired in October 2022, as well as from regulatory improvements made to the program during this administration,” the statement said.

During his 2020 presidential campaign, Biden pledged to forgive millions of Americans’ student loans if elected, but the president has faced persistent legal hurdles in his attempt to cancel hundreds of billions of dollars in debt.

CLICK HERE TO GET THE FOX NEWS APP

after The Supreme Court blocked the Biden administration’s decision In the first attempt to provide widespread student loan forgiveness, and ruled as an executive overreach under the Constitution, the president and his team began working on other options for handouts.

President-elect Trump He did not specifically say how he would handle the Biden administration’s student loan grant plans, but he said he plans to remake the entire education system during his term.

Fox News Digital’s Audrey Spady contributed to this report.