On Oct. 17, President Joe Biden announced an additional $4.5 billion in student debt cancellation for over 60,000 borrowers through the Public Service Loan Forgiveness (PSLF) program; the news means the number of public service workers who have had their student loans cancelled has now risen to over 1 million people during the Biden-Harris Administration.
Notably, one of the newest recipients of loan forgiveness is Kelly Beckford, an AFT member from Rhode Island. Biden surprised Beckford personally at the White House, to tell her that her $46,000 in student loan debt had been forgiven. This milestone marks a significant achievement for the Biden-Harris Administration in its ongoing efforts to alleviate the burden of student debt, particularly for those serving communities as teachers, health care workers, and first responders.
Biden emphasized his commitment to improving access to PSLF, noting that since taking office, his administration implemented reforms to make the program more accessible. “We vowed to fix that,” Biden stated, referencing the challenges that previously hindered eligible borrowers from receiving loan forgiveness. He reaffirmed his promise to “fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity” and to continue his work to advance the issues of public service workers.
After this announcement, the Council of Economic Advisors released a new analysis “underscoring that the Biden-Harris Administration’s student debt policies not only benefit borrowers, but also the entire economy.” Speaking on this, Vice President Kamala Harris also highlighted the importance of this accomplishment, stating, “I am proud to say that a record 1 million teachers, nurses, first responders, social workers, and other public service workers have received student debt cancellation. As I travel our nation, I meet many of these public servants who say they now have more money in their pocket to put towards buying a home, renting an apartment, getting a car, starting a family, and saving up for the future.”
Since Biden and Harris took office, over $170 billion in student loan forgiveness has been approved for almost 5 million borrowers. This milestone of 1 million public service workers benefiting from PSLF is a direct result of these reforms, providing much-needed financial relief to those dedicated to serving the public good, especially our nation’s teachers.
For over a decade, AFT has been fighting to help teachers, nurses, and school staff access PSLF. AFT ‘s student debt clinics, advocacy, and outreach have resulted in members saving an estimated $400 million. AFT will continue to host weekly national student debt clinics and help members apply for PSLF through a free union membership benefit called Summer. To learn more about the PSLF, including how to enroll and take advantage of debt forgiveness, check out AFT’s resource center.