The U.S. Department of Education announced Thursday that 70,000 student loan borrowers got $5 billion of student loan forgiveness. In October, the Biden administration announced major changes to public service loan forgiveness. At the time, the Education Department announced that $2 billion of student loans would be cancelled within weeks. While 22,000 of student loan borrowers were expected to get student loan relief, new data shows that triple that amount got student loan forgiveness. Here’s how to qualify:
Congress created the Public Service Loan Forgiveness in 2007, and President George W. Bush signed the legislation. The goal of the program was to help public servants get student loan cancellation in exchange for working in public service. However, despite its well-intended goals, nearly 99% of student loan borrowers who applied were rejected for student loan forgiveness. President Joe Biden and U.S. Secretary of Education Miguel Cardona have worked to simplify the program and make the rules easier for student loan borrowers to get student loan forgiveness. Biden mentioned public service loan forgiveness
To qualify for the Public Service Loan Forgiveness program, you must meet at least the following requirements:
