The Biden Administration has forgiven another $4.5 billion in student debt for 60,000 public service workers.
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Conway Gittens: Stocks are in rally mode. Retail sales for September came in with a better-than-expected jump of 0.4 percent. Meanwhile, applications for unemployment benefits fell in the latest week. Taiwan Semiconductor beat forecasts with a 54 percent jump in quarterly profits and raised sales guidance for the year. The world’s leading producer of advanced AI chips said business remains strong.
In other economic news…with the economy top of mind for voters, the Biden Administration is touting its record on student loan forgiveness.
In another round of debt removal, $4.5 billion in student loan debt will be forgiven for more than 60,000 borrowers, according to a White House announcement. This follows President Biden’s overhaul of the Public Service Loan Forgiveness program, originally instituted in 2007.
Biden said in a statement, “Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country. But for too long, the government failed to live up to its commitments.”
That changed under Biden. There’s been more outreach to government and certain not-for-profit workers who were eligible to have their student loan debt wiped out after 10 years. According to an estimate by The Consumer Financial Protection Bureau, one in every four American workers are eligible for this program.
Under his watch, more than 1 million borrowers have benefitted so far; meaning President Biden will leave office having done more to erase student loan debt than any of his predecessors.
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