Student Loan Forgiveness Program Gets Overhaul, Promises $1.74 Billion Relief for 22,000 BorrowersEpoch Times, United States politics | The Epoch Times

The Biden administration on Wednesday unveiled details of a major overhaul of the Public Service Loan Forgiveness (PSLF) program, making it easier for long-time public-sector workers to qualify for student loan debt relief. Congress created the PSLF program in 2007 to encourage college graduates to pursue public service careers. Borrowers who are employed 10 years in public service, including teachers, firefighters, law enforcement, and some nonprofit workers, while also making 120 qualifying monthly payments toward their student loans, could request to have the remainder of those loans wiped out. The PSLF program, however, has spawned much confusion and frustration, largely because there are different types of federal student loans, but only those who take what’s known as Direct Loans can qualify. The Education Department has previously allowed borrowers to consolidate their debt into Direct Loans, but didn’t count payments made before the consolidation. Just about 5,500 borrowers have received PSLF …Read More

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