If you are a student that has a student loan? Did you know that there is a recent student loan forgiveness approved by the Biden administration for borrowers in Public Service?
In March 2024, President Biden approved $5.8 Billion in Student Loan Forgiveness. This is great news for more than 77,000 students who qualify for this forgiveness. This announcement brings the total loan forgiveness approved by the Biden Administration to $143.6 billion for nearly 3.96 million students. This latest debt relief announced today is specifically meant for borrowers who are in Public Service. These approvals are the result of fixes made by the Biden Administration to Public Service Loan Forgiveness (PSLF). Check the official announcement.
This debt relief includes borrowers who have benefitted from the limited PSLF waiver as well as regulatory improvements made to the program. Total relief through PSLF is now $62.5 billion for 871,000 borrowers since October 2021. According to U.S. Secretary of Education Miguel Cardona “For too long, our nation’s teachers, nurses, social workers, firefighters, and other public servants faced logistical troubles and trap doors when they tried to access the debt relief they were entitled to under the law. With this announcement, the Biden-Harris Administration is showing how we’re taking further steps not only to fix those trap doors, but also to expand opportunity to many more Americans,”
Who qualifies for this student loan forgiveness?
The PSLF Program forgives the remaining balance on borrowers’ Direct Loans after they have 120 qualifying monthly payments made while working full-time for a qualifying employer.
How does this student loan forgiveness work?
380,000 Students should receive an email from President Biden thanking them for their service and notifying them that if they continue their public service work, they will eligible for that forgiveness.
It’s crucial to check the latest news or official government sources for updates on any new policies or initiatives regarding student loan forgiveness. You can also visit the official White House website or the Department of Education’s website for the most recent information on any developments in this area.
At Online Masters Colleges (OMC), we are excited about this new student loan forgiveness as the mounting student debt is holding students back from their potential. Students can use our comprehensive Financial Aid Guide for more financial aid possibilities. Apart from providing numerous resources, we assist students by providing them with detailed information on topics such as scholarships, accreditation, FAFSA, MA vs MS, and more.
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