President Joe Biden announced another $7.7 billion in federal student loan debt relief this week. The Department of Education stated this additional round of debt cancellation would benefit 160,500 borrowers.
“Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years,” President Biden stated. “That includes providing the largest increases to the maximum Pell Grant in over a decade; fixing Public Service Loan Forgiveness so teachers, nurses, police officers, and other public service workers get the relief they are entitled to under the law; and holding colleges accountable for taking advantage of students and families.“
With this recent announcement, the administration has approved the transfer of a total of $167 billion in federal student loan debt from 4.75 million student borrowers under the Saving on a Valuable Education (SAVE) Plan.
As the Lord Leads, Pray with Us…
- For the president and his economic advisors as they continue to transfer student loan debt onto the American taxpayer.
- For wisdom for U.S. students who have just graduated high school as they prepare for college.
- For American parents to be discerning as they guide their youth into their next steps in education.
