Do you have student loan debt?
Don’t worry. This is if you work in public service.
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No student loan debt for public workers
From Reuters, “U.S. President Joe Biden announced on Thursday that $6 billion in student loans would be canceled for 78,000 borrowers, bringing his administration’s total student debt cancellation to nearly $150 billion.”
“Biden, a Democrat, pledged last year to find other avenues to address debt relief after the Supreme Court in June blocked his broader plan to erase $430 billion in student loan debt,” noted Reuters.
The story continued:
The final group includes public service workers, such as teachers, nurses and firefighters, who qualify under the Public Service Loan Forgiveness Program created in 2007 to forgive the student debt of Americans entering public service .
“These public service workers have dedicated their careers to serving their communities, but because of past administrative failures, they never got the relief they were entitled to under the law,” Biden said in a statement.
According to the Federal Student Aid website, as of June 2023, approximately 43.4 million U.S. student loan borrowers had $1.63 trillion in outstanding loans. Higher education debt has tripled since the 2008 financial crisis.
The high interest and large payments on these loans mean that young Americans have difficulty buying homes or making other investments, and Democrats have been pushing for forgiveness from the U.S. government for years. Republicans largely oppose such actions.
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Is this a political ploy?
Don’t think for a second that Biden’s prospects for the November election don’t play a role in any of this.
It needs the vote of young people, for example.
“I will not back down from using every tool at my disposal to deliver student debt relief for more Americans and build an economy from the center up and from the bottom up,” Biden said.
Polls continue to show that the presumptive Republican presidential nominee, Donald Trump, is ahead of Biden. This should be especially concerning for Biden’s campaign in swing states, where the president is currently losing.
Don’t be surprised if Joe Biden forgives even more student loan debt between now and November.
