Biden forgives student debt for 35,000 more borrowers

The Biden Administration forgave student debt valued at $1.200 million to another 35,000 borrowers enrolled in the Saving for a Valuable Education (SAVE) plan.

With this new batch, almost five million people have already benefited from the solidarity of the president, who, at the beginning of his term, promised to promote this measure. A total condonation that reaches 168.5 billion dollars, thus hurting, in this way, the public coffers.

"Today, my Administration is canceling student debt for 35,000 people through Public Service Loan Forgiveness, bringing the total number of Americans who have benefitted from our various debt relief actions to 4.76 million people. Each of those borrowers has received an average of over $35,000 in debt cancellation," communicated the White House.

"These 35,000 borrowers approved for forgiveness today are public service workers – teachers, nurses, law enforcement officials, and first responders – who have dedicated their lives to strengthening their communities, and because of the fixes we made to Public Service Loan Forgiveness, they will now have more breathing room to support themselves and their families," the president added.

Education Secretary Miguel Cardona issued a write-up in which he noted that forgiving student debt for so many borrowers means "a historic effort" and "relief that will bring real change in their lives and marks another win for this administration’s relentless and unapologetic work to fix a broken student loan system," without any reference to the damage it causes to federal funds.

This new batch comes two months after the last time Joe Biden announced a similar initiative. In mid-May, 160,000 borrowers -$7.7 billion - were informed that they would not have to assume their debt.