Weeks Before Election Day, Biden-Harris Admin Announces $4.5B in Student Loan Handouts

Sure enough, on Thursday, the Biden-Harris administration announced yet another round of student loan handouts. This time, they will be removing $4.5 billion in debt for more than 60,000 borrowers who work in public service.

The Department of Education said in a news release the relief came about from “significant fixes” to the Public Service Loan Forgiveness (PSLF) Program. The action brings the total loan forgiveness approved by President Biden to more than $175 billion for 4.8 million Americans, including $74 billion for more than one million borrowers through PSLF.

“When President Biden and I took office, only 7,000 people had ever been approved for Public Service Loan Forgiveness. Today, I am proud to say that a record one million teachers, nurses, first responders, social workers, and other public service workers have received student debt cancelation,” Vice President Kamala Harris said in a White House statement.

A White House announcement on Thursday morning put the total value of the handouts at $4.7 billion, but later adjusted it to $4.5 billion.

Harris later doubled down by adding, “Our Administration has forgiven over $170 billion in student debt for nearly five million people throughout the country — more than any Administration in history.”