Washington, D.C. — Today, the Biden administration approved the cancellation of $1.2 billion in student loan debt for 35,000 borrowers who work in public service as nurses, teachers, first responders, and law enforcement officers. To date, 4.76 million borrowers have received an average of more than $35,000 in debt relief since President Joe Biden took office in January 2021.
In response, Stephanie Hall, senior director for Higher Education Policy at the Center for American Progress, issued the following statement:
We commend the Biden administration for its continued efforts to repair the student loan system. Not only does this action support individual financial well-being, but it also strengthens the broader economy by giving borrowers the economic freedom to invest in their futures through homeownership, entrepreneurship, and other pursuits.
We have to continue supporting and protecting these routes to student debt relief. Higher education should be a gateway to opportunity, not a financial burden.
For more information on this topic or to speak with an expert, please contact Mishka Espey at [email protected].