Biden cancels $4.28bn more in student debt before leaving office

WASHINGTON: US President Joe Biden said on Friday he was canceling student loans for an additional 55,000 Americans, which would amount to wiping out $4.28 billion in debt in his final month in office.

The mass cancellation of debt is for “teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to their communities,” he said in a statement issued by the White House on Friday.

With this new crop of beneficiaries, it would mean “nearly 5 million people” have been approved for debt relief during Biden´s administration.

“From Day One of my administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” the outgoing president said.

US Secretary of Education Miguel Cardona said in a statement that Friday´s approval brings the total amount secured during Biden´s four years in office to “nearly $180 billion in life-changing student debt relief for nearly five million borrowers.”