Biden issues another $1.2B student loan bailout

President Biden has announced a new student loan bailout for 35,000 borrowers through "Public Service Loan Forgiveness," a program that Biden says has brought the total number of people getting debt relief from his administration to 4.76 million.

Under the new plan, eligible public service workers get an average of $35,000 in debt relief, a statement from Biden's administration said, totaling about $1.2 billion. 

"These 35,000 borrowers approved for forgiveness today are public service workers – teachers, nurses, law enforcement officials, and first responders who have dedicated their lives to strengthening their communities," the statement said. "And because of the fixes we made to Public Service Loan Forgiveness, they will now have more breathing room to support themselves and their families."

Biden's team touts "significant progress" made for students and borrowers over the last three years, citing "largest increases to the maximum Pell Grant in over a decade, fixing Income-Driven Repayment so borrowers get the relief they are entitled to under the law and holding colleges accountable for taking advantage of students and families."

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The announcement notes that this makes a total of $168.5 billion in student loan handouts from the administration.

Data from the Department of Education earlier this month showed that 42.8 million recipients of federal student loans owed a total of $1.62 trillion in debt as of the end of March.

"The additional Americans approved for PSLF today are hardworking public servants who will finally receive the financial breathing room they were promised – and all PSLF recipients can easily track and manage the process through StudentAid.gov," Secretary of Education Miguel Cardona said in a statement. "This is relief that will bring real change in their lives and marks another win for this administration’s relentless and unapologetic work to fix a broken student loan system."

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The student debt handout announcement comes as Biden is battling a COVID-19 infection while in self-isolation in Delaware. The diagnosis was revealed Wednesday while he was traveling in Las Vegas.

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Meanwhile, more and more Democrats are calling for the president to withdraw from the 2024 presidential race and allow the party to nominate a new candidate.

Former House Speaker Nancy Pelosi, D-Calif., told a close ally that she would do "everything in her power" to get Biden off the Democratic ticket, according to a late-night Politico report.

An ABC News report also said Senate Majority Leader Chuck Schumer, D-N.Y. spoke to Biden and urged him to exit the race.

FOX Business' Timothy Nerozzi and Eric Revell contributed to this report.