US President Joe Biden speaks during an event to announce that his Administration has approved $1.2 billion in student debt cancellation for almost 153,000 borrowers at the Julian Dixon Library in Culver City, California, on February 21, 2024. (Photo by ANDREW CABALLERO-REYNOLDS / AFP)
US President Joe Biden announced on Thursday, July 18, 2024, that he is expanding his student loan forgiveness program, canceling an additional $1.2 billion in student debt for 35,000 Americans. This move brings the total number of beneficiaries to 4.76 million under various debt relief initiatives.
The newly eligible borrowers, who will see an average of $35,000 in debt cancellation, include teachers, nurses, police officials, and first responders. This announcement coincides with the final day of the Republican National Convention in Milwaukee, where Donald Trump is set to accept the Republican nomination for the upcoming November election.
Biden reaffirmed his commitment to making higher education affordable despite opposition from Republican elected officials, stating, “I will never stop working to make higher education affordable – no matter how many times Republican elected officials try to stop us.”
Earlier this year, Biden revealed new plans to alleviate student loan debt for millions of Americans, aiming to win over young voters. This followed a decision by the conservative-dominated US Supreme Court to strike down Biden’s earlier proposal to cancel several hundred billion dollars of debt.
In recent months, Biden has taken significant steps in debt relief, including canceling the debt of 160,000 people last month and announcing relief for 150,000 others earlier in the year.
