The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

President Joe Biden announced Thursday that the White Househas approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.

The 78,000 eligible public service workers include teachers, nurses and firefighters, according to the White House.

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It’s the latest student debt cancellation move through Public Service Loan Forgiveness programs, which allow eligible borrowers to have their remaining debt forgiven if they have made a certain number of payments and are working for approved employers.

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Last year, the Supreme Court invalidated Biden’s more far-reaching student loan debt relief plan, arguing that it was unlawful because Congress did not explicitly approve the move.

  • underisk@lemmy.ml
    2·
    8 months ago

    This isn’t a new program, it’s an extension of a program signed into law by GWB. Go ahead and tell me all about how the republicans are obstructing it though. While you’re at it, go look up who’s responsible for making it impossible to discharge student loan debt through bankruptcy.

    • Rentlar@lemmy.ca
      2·
      8 months ago

      It’s pretty obvious to me that no progress has happened with Republicans in Congress hell-bent on not passing helpful legislation as that would upset their dear leader. The only way a President can make good on their promises without them is by executive order, which is expanding, enforcing or interpreting existing signed legislation by Congress from present and previous administrations. That’s how it works. His big bid to give everyone 10 to 20k in forgiveness, using the 2002 HEROES act was overruled by conservative’s favourite Supreme Court, so he is trying any other avenue he can find without predatory loan businesses suing it away again.

      Don’t get me wrong, Democrats have been sitting on their hands, taking the high road and killing progressive reforms in the name of “compromise” for many years now, and are also funded by rich oligarchs. Biden as a senator voted for the bill preventing student loans being discharged during the same term under W. But the President isn’t King (I will say at least not until November this year), and can’t unilaterally write legislation.