The Biden administration announced an additional $4.28 billion in student loan grants as President Biden and Vice President Harris prepare to leave the White House.
The massive loan disbursement will provide 54,900 public sector workers with loan forgiveness.
“Four years ago, the Biden-Harris Administration made a commitment to America's teachers, service members, nurses, first responders, and other public servants that we would fix the Loan Forgiveness Program of the Nation, and I am proud to say that it has been granted,” Education Secretary Miguel Cardona said in Friday's release.
This action brings the total loan forgiveness approved by Biden to about $180 billion for about 5 million borrowers.
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Biden has received about $180 billion in student loan aid during his time in office. (Daniel Steinle/Bloomberg via Getty Images)
“By authorizing $4.28 billion in loan forgiveness for nearly 55,000 public employees, the Administration has secured nearly $180 billion in loan relief that has changed the credit lives of nearly five million students,” said Cardona. “US Department of Education The successful transition of the PSLF Program is a testament to what is possible when you have leaders, like President Biden and Vice President Harris, who are unwaveringly and unwaveringly focused on providing government services for people who work every day.”
Biden announced another $4.28 billion in student loan grants before leaving office. (Daniel Steinle/Bloomberg via Getty Images)
The Biden-Harris administration proposed a program to create an “incentive” for public servants to “continue and stay” in their jobs by forgiving borrowers' balances after making 120 qualifying monthly payments .
“The release announced today includes both borrowers who benefited from the Administration's limited PSLF, a temporary opportunity that ended in October 2022, as well as regulatory improvements made to the program during this Administration,” the release said.
President-elect Donald Trump and President Biden (Getty Images)
During his 2020 presidential campaign, Biden pledged to forgive student loans for millions of Americans if elected, but the president has faced persistent legal hurdles in his efforts to end student debt. billions of dollars.
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After that The Supreme Court blocked the Biden administration In the first attempt to grant comprehensive student loan forgiveness, on the grounds that it was an overreach of the executive branch's authority under the Constitution, the president and his team launched working with other philanthropic methods.
President-elect Trump he has not said clearly how he will approach the Biden administration's plans to provide student loans, but he has said he plans to reform the entire education system during his term.
Fox News Digital's Audrie Spady contributed to this report.