Statement from President Joe Biden on $1.2 Billion in Student Debt Cancellation for 35,000 Borrowers

At present, my Administration is canceling pupil debt for 35,000 folks by way of Public Service Mortgage Forgiveness, bringing the full variety of People who’ve benefitted from our numerous debt aid actions to 4.76 million folks. Every of these debtors has obtained a mean of over $35,000 in debt cancellation. These 35,000 debtors authorized for forgiveness right now are public service employees – academics, nurses, legislation enforcement officers, and first responders who’ve devoted their lives to strengthening their communities, and due to the fixes we made to Public Service Mortgage Forgiveness, they’ll now have extra respiratory room to help themselves and their households.

At present’s announcement comes on prime of the numerous progress we’ve made for college students and debtors over the previous three years. That features offering the most important will increase to the utmost Pell Grant in over a decade; fixing Revenue-Pushed Reimbursement so debtors get the aid they’re entitled to beneath the legislation; and holding faculties accountable for benefiting from college students and households. And earlier this yr, I laid out my Administration’s new plans that might cancel pupil debt for greater than 30 million People when mixed with all the pieces we’ve finished up to now.

From day one among my Administration, I promised to struggle to make sure larger training is a ticket to the center class, not a barrier to alternative. I’ll by no means cease working to make larger training inexpensive – regardless of what number of instances Republican elected officers attempt to cease us.

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