US President Biden approves $6 billion in student debt relief as vote nears

WASHINGTON — U.S. President Joe Biden approved an additional $6 billion in student debt relief for public servants on Oct 17, just weeks before the U.S. presidential election. This latest measure benefits about 60,000 borrowers and builds on the administration’s ongoing efforts to address student debt under the Public Service Loan Forgiveness (PSLF) program.

The move comes as Vice President Kamala Harris, the Democratic nominee, faces Republican former president Donald Trump in the upcoming election. With rising costs of living high on voters’ list of concerns, the announcement aims to ease financial burdens, particularly for those in public service sectors like teaching and nursing.

The PSLF program promises debt cancellation for individuals who work in public service for 10 years and make 10 years of payments. However, Biden pointed out that before his administration’s reforms, only 7,000 people had benefited from the program. “I will never stop working to make higher education affordable,” Biden said.

Since taking office, the Biden-Harris administration has focused on student loan forgiveness, including efforts to cancel student debt for millions of Americans. With the country’s student loan debt reaching $1.6 trillion, this latest relief measure continues the administration’s broader strategy to address the financial strain on borrowers.