The Biden Administration has approved another $4.28 billion in student loan forgiveness for 54,900 public service workers, bringing the total number of borrowers who have received forgiveness through the Public Service Loan Forgiveness (PSLF) program to 1.06 million.
The White House said Friday it approved another $4.28 billion in student debt cancellation for 54,900 additional public service workers in what could be one of the Biden Administration's final act of loan forgiveness.Friday's approvals bring the total number of Americans who have had their loans forgiven through the Public Service Loan Forgiveness program to 1.06 million.
Prior to President Joe Biden taking office, the White House said that a mere 7,000 had received forgiveness under the PSLF program.The PSLF program is among several the White House has touted in its efforts to reduce the burden of student loan debt for millions of Americans. The PSLF program was approved by Congress in 2007 and signed into law by President George W. Bush.Through the PSLF and other programs, the Biden administration has said it has approved forgiveness for 4.9 million borrowers, providing nearly $180 billion in aid.“Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered,” said U.S. Secretary of Education Miguel Cardona in a press release.Public service workers are eligible for debt cancellation after making the equivalent of 120 qualifying monthly payments under an accepted repayment plan while working full-time for an eligible employer.When student loan borrowers began applying for loan forgiveness 10 years after the program went into effect, most were denied relief.The White House said it made administrative fixes that broadened the definition of qualifying payments. The result has been far more cancellations of debt being processed by the Department of Educatio
STUDENT LOANS PUBLIC SERVICE LOAN FORGIVENESS BIDEN ADMINISTRATION DEBT CANCELLATION EDUCATION POLICY
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