Biden forgives another $4.5 billion in student debt

One of the first promises Joe Biden made right after taking office was to relieve student debt for millions of borrowers who enrolled in the Saving on a Valuable Education (SAVE) plan. During his more than three years in office, the president has been announcing billions of dollars worth of forgiveness. The last one has been notified this Thursday, is valued at $4.5 billion and will benefit some 60,000 public service workers.

The total number of public employees who have received the loan forgiveness from the Biden-Harris administration reaches seven figures. "Today, I am proud to say that a record one million teachers, nurses, first responders, social workers, and other public service workers have received student debt cancellation," the White House said in a statement.

If we add to that figure the number of students enrolled in the SAVE plan, there are almost five million beneficiaries. A write-off valued, in total, at more than $170 billion dollars, at the expense of taxpayers' money.

In his latest initiative, Biden took advantage of the opportunity to accuse his political rivals of not wanting to help. "And while Republican elected officials do everything in their power to block millions of their own constituents from receiving this much needed economic relief, I will continue our work to lower costs, make higher education more affordable, and relieve the burden of student debt."