Biden Education Dept. says 100K student borrowers eligible for debt cancellation

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The more college students take out loans, the more the federal government benefits. (Credit: StudenLoans.gov)

(BIZPAC REVIEW) – The Department of Education announced Wednesday that eligibility for student loan forgiveness had been extended to thousands more after alterations to government programs.

The announcement followed policy changes to the nearly 15-year-old Public Service Loan Forgiveness (PSLF) program adopted in October 2021. The PSLF was crafted with the intent that eligible public service workers would make monthly payments on their debt for a decade after which time, with continued public service, the remainder of their debt would be cleared.

According to the department, the overhaul allowed them to identify nearly 100,000 newly qualified borrowers and they suspect this will ultimately lead to one million forgiven borrowers.

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