The announcement that President Biden would be canceling additional student debt for tens of thousands of public sector workers was made on Friday.
This may be the one final significant moves that Biden makes before he leaves office in approximately one month.
As a result of the modifications that were made to the Public Service Loan Forgiveness Program, the administration has announced that it will spend approximately $4.3 billion to forgive the student loans of 55,000 workers who fall into this category.
As a result of the announcement made on Friday, the administration of President Joe Biden has forgiven $180 billion worth of student debts for 5 million borrowers.
The Public Service Loan Fund (PSLF) initiative provided relief in the amount of $78 billion to more than a million Americans.
A number of unfinished student debt reduction measures, such as forgiveness for people who are going through difficult times, are also being retracted by President Biden.
It has been claimed that President Biden is going to withdraw the pending regulations in order to prevent the Trump administration from easily modifying the plans in order to move forward with steps that could be detrimental to the forgiveness of student loans.
However, if President-elect Trump wishes to make his own amendments, he will be need to begin the process all over again, which can take anywhere from a few months to several years.
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