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More than 615,000 borrowers will receive public service loan forgiveness as the Biden administration has approved the discharge of student loan debt, Yahoo News reported.
Discharge Of Student Loan Debt, 615,000 Borrowers Will Receive Public Service Loan Forgiveness (PHOTO: American College of Education)
Discharge Of Student Loan Debt
The discharge of student loan debt amount sums $42 billion in debt. This record is a big increase from the previous administration. Last administration the PSLF program approved just 7,000 borrowers, which accounts for only 2% of applicants.
A PSLF waiver has brought these changes, which allows borrowers who were denied the last time for forgiveness to reapply for the program.
The US Secretary of Education promised their dedication and efforts to help fix the student loan system. The Biden-Harris Administration has worked tirelessly to ensure that Public Service Loan Forgiveness will be delivered to the right recipients and beneficiaries.
Employees who are eligible for the program are those who have worked at least 10 years in state, federal, local, or certain non-profit organizations through public service jobs. Military service members who don’t qualify for military loan forgiveness programs will also qualify for this program.
Discharge Of Student Loan Debt Under the PSLF Program
To qualify, borrowers must work at least 10 years with a qualifying employer under the normal PSLF program and must have made at least 120 full-on-time payments in a standard payment plan. Only Direct Loans are qualified for PSLF.
On the other hand, after more than 98% of borrowers were denied by the Education Department, the American Federation of Teachers is among others who sued the department.
As part of the 2021 legal settlement of that lawsuit with the Education Department, a PSLF waiver was enacted.
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