100,000 borrowers now qualify for student loan forgiveness under PSLF waiver: Department of Education

100,000 borrowers now qualify for student loan forgiveness under PSLF waiver: Department of Education 81 Credible Borrowers qualify for Public Service Loan Forgiveness thumbnail iStock 1023741992

The Biden administration has identified 100,000 borrowers who now qualify for $6.2 billion worth of debt relief under a popular student loan forgiveness program. (istock)

The Department of Education confirmed Wednesday that 100,000 borrowers are now eligible for $6.2 billion worth of student loan forgiveness through a program benefiting public service workers.

Under the Public Service Loan Forgiveness (PSLF) program, public servants can pay off their student debt balances after making 120 qualifying payments on their loans. This would effectively allow PSLF applicants to achieve student loan forgiveness after 10 years of repayment.

“Today’s PSLF announcement means more of our dedicated teachers, nurses, first responders, service members and many other utility workers will get significant relief.”

– United States Secretary of Education Miguel Cardona

The Biden administration overhauled the program last October through a limited PSLF waiver that made it easier to qualify for a loan discharge by giving borrowers credit for prior payment periods. Before the changes, about 98% of PSLF applications were denied.

“Our nation’s public service workers must be able to rely on the promise of public service loan forgiveness,” said Education Secretary Miguel Cardona. “The Biden-Harris administration is delivering on that promise by helping more and more eligible borrowers get their loan balances forgiven.”

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