Biden administration cancels another $4.28 billion in student loan debt for nearly 55,000 people

The Biden administration says it will cancel another $4.28 billion in student loan debt for nearly 55,000 people.

The Public Service Loan Forgiveness Program allows borrowers working in education, public health, law enforcement, and emergency response to have their debt canceled after making 120 monthly payments.

Republicans have challenged Biden 's student loan cancellation initiatives, saying they are an unconstitutional redistribution of wealth and a burden on the American taxpayer.