"Student Loan Forgiveness of Another 6 Trillion Won"... White House Pumps Money Ahead of US Presidential Election

Biden Cancels 240 Trillion Won in Student Loans Since Inauguration
Harris Welcomes, "Proud of Student Loan Cancellation"

U.S. President Joe Biden announced an additional student loan forgiveness program worth approximately 6 trillion won. With the November 5 presidential election just about three weeks away, this move is interpreted as an effort to appeal to highly educated voters. Vice President Harris, the Democratic presidential candidate, expressed her welcome, saying she is "proud."

On the 17th (local time), President Biden stated in a press release that through the Public Service Loan Forgiveness (PSLF) program for public sector workers, student loans totaling $4.5 billion (about 6.17 trillion won) for more than 60,000 borrowers would be additionally forgiven.

Accordingly, the Biden administration has so far forgiven student loans amounting to $175 billion (about 240 trillion won) for a total of 5 million borrowers, the White House reported. The number of public sector workers benefiting from PSLF, including teachers, nurses, and firefighters, has exceeded 1 million.

President Biden has focused on student loan forgiveness policies since the beginning of his term. The Republican Party has criticized him for abusing his authority and providing discriminatory benefits only to college graduates. With just 19 days left until the November 5 election, Biden’s announcement of a large-scale additional student loan forgiveness policy is seen as a move to target the votes of highly educated voters with college degrees or higher.

President Biden said, "From my first day in office, I pledged to fight so that higher education would not be a barrier to opportunity but a ticket to the middle class," adding, "No matter how much the Republicans try to block it, I will not stop efforts to make higher education affordable."

Vice President Harris issued a separate statement expressing her welcome.

She emphasized, "I am proud that 1 million teachers, nurses, emergency responders, social workers, and other public sector workers have received loan forgiveness," and added, "While the Republicans are doing everything they can to prevent millions of voters from receiving economic relief benefits, I will continue efforts to lower costs, make higher education more affordable, and reduce the burden of student debt."