With the presidential election less than three weeks away, President Joe Biden and Vice President Kamala Harris are reminding voters of their significant achievement in student debt relief. On Thursday, Biden announced another round of student loan forgiveness, further solidifying his administration’s efforts to alleviate the financial burden on millions of Americans.
Historic Debt Relief Figures
The latest announcement brings the total number of students benefiting from the debt relief program to nearly 5 million, with over $175 billion in student loans canceled. This amount is roughly equivalent to 11% of all outstanding federal student loan debt. Despite this progress, the initiative has faced significant opposition from Republicans, who have criticized the program’s cost.
Public Service Loan Forgiveness Program Revived
A key component of Biden’s debt relief success is the revival of the Public Service Loan Forgiveness (PSLF) program, which forgives loans for public-sector workers—such as teachers and nurses—after 10 years of qualifying payments. While the PSLF program has existed for over 15 years, administrative issues had hindered its effectiveness, with only 7,000 people receiving forgiveness prior to Biden’s administration.
“For too long, the government failed to live up to its commitments,” Biden said. “We vowed to fix it.”
Biden’s Reforms to PSLF
The Biden administration has made it easier for borrowers to qualify for PSLF, significantly boosting the program’s impact. In contrast, former President Donald Trump had repeatedly proposed ending the program during his time in office. Thursday’s announcement alone affects approximately 60,000 borrowers, with $4.5 billion in student debt now forgiven under the PSLF program.
Election Strategy and Voter Influence
As election day approaches, Biden and Harris are emphasizing their accomplishments, including student debt relief, to appeal to voters. By showcasing these achievements, the administration is working to influence voter decisions and strengthen their position in the race for the White House.
