Pinterest

45 30K. 45 11K.

The Newest Batch of Student Loan Forgiveness Applications

The Department of Education has announced that it has approved 45,300 applications for student loan forgiveness, totaling $11 billion in debt. This is the largest batch of applications to be approved since the program began in 2017.

The vast majority of the applications that were approved were from borrowers who had worked in public service for at least 10 years. This includes teachers, nurses, firefighters, and other government employees.

The Department of Education has also announced that it is making changes to the Public Service Loan Forgiveness (PSLF) program to make it easier for borrowers to qualify. These changes include:

• Extending the repayment period from 10 years to 12 years
• Allowing borrowers to make payments on different types of federal loans, including Perkins loans
• Simplifying the process for borrowers to apply for forgiveness

These changes are expected to make it easier for hundreds of thousands of borrowers to qualify for student loan forgiveness.

Conclusion

The Department of Education's announcement is a major victory for borrowers who have been struggling to repay their student loans. The changes to the PSLF program will make it easier for borrowers to qualify for forgiveness, and the approval of 45,300 applications is a sign that the program is working. If you are a public service worker with student loans, we encourage you to apply for PSLF. You may be eligible for forgiveness of your entire student loan debt.

Pinterest