Biden Cancels Student Loans for 55,000 Workers Under PSLF Program

The Biden administration has canceled federal student loans for 55,000 workers under the Public Service Loan Forgiveness program. The initiative offers to erase loans after a decade of public service work. This decision is part of Biden's strategy to provide relief through existing programs rather than a widespread cancellation.

The Biden administration has taken steps to alleviate the burden of federal student loans by canceling debt for an additional 55,000 workers through the Public Service Loan Forgiveness (PSLF) program.

According to a Friday announcement from the Education Department, the initiative targets professionals including teachers, nurses, service members, and law enforcement officials, who have completed 10 years of service in government or nonprofit roles.

This latest USD 4.28 billion relief effort contributes to an unprecedented USD 180 billion cancellation, addressing the financial pressures of approximately 4.9 million Americans. Despite this, Biden's broader loan cancellation plans face legal challenges.

(With inputs from agencies.)