The Biden administration recently announced that they will be forgiving almost $6 billion in student debt. This loan forgiveness plan will apply to almost 78,000 borrowers. Despite the Supreme Court blocking President Joe Biden’s student loan forgiveness plan in June 2023, Biden is working adamantly to keep his promise to Americans. As the 2024 presidential election approaches, Biden is working towards upholding his promise to uplift the middle class through access to higher education.
Biden’s new loan forgiveness plan applies to individuals enrolled in the Public Service Loan Forgiveness (PSLF) program. According to the White House press statement, public service workers include teachers, nurses, firefighters and more. Furthermore, those who are enrolled in this PSLF program should expect to receive a letter from the administration congratulating them on their relief.
Biden’s Agenda Ahead of the 2024 Election
As November quickly approaches, Biden is relying on his platform to support middle class Americans. This is a demographic that often feels neglected when it comes to policy changes. Biden’s goal is to make them feel seen and heard.
According to the White House’s statement, this plan is now adding to the almost four million Americans who had their student debt forgiven, since the beginning of his tenure as president.
In the press release from the White House, Biden states, “From day one of my Administration, I promised to fix broken student loan programs and make sure higher education is a ticket to the middle class, not a barrier to opportunity. I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans, and build an economy from the middle out and bottom up.”
In addition to Biden’s new loan forgiveness plan, he also created an Income-Driven Repayment (IDR) plan – the SAVE plan, which borrowers can still apply to.
All in all, if Biden continues to keep working towards his promise, it is possible that he may gain more votes in the upcoming election. As more students continue to protest in favor of loan forgiveness, Biden is seeking the youth vote for re-election.
