The Hill
The Department of Education announced on Wednesday that nearly 100,000 people are eligible for student loan debt cancellation.
Changes the agency made to the Public Service Loan Forgiveness program last year would cause the cancellation. According to CNN, the cancellation of student debt would amount to $6.2 billion.
The Public Service Loan Forgiveness program promised eligible borrowers that their student loan debt would be canceled after they paid it off over the course of 10 years. Only a small portion of people who qualified for the program were granted forgiveness prior to the year 2021, according to the news outlet.
More than 90 percent of applicants have been rejected.
After borrowers complained that they were ineligible for the program because they had already repaid their loans, the Biden administration widened eligibility requirements for the program.
The move was praised by the Secretary of Education, who said that it meant "meaningful relief" for borrowers.
The announcement made today means more of our dedicated teachers, nurses, first responders, service members, and many other public service workers will get meaningful relief, he said at the time.
More than 30,000 student-loan borrowers are on track for debt relief through the Public Service Loan Forgiveness program.
100,000 student loan borrowers are eligible to have their debt canceled because of changes to the Public Service Loan Forgiveness program.
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One of the easiest wins the Biden Administration can have in their favor is permanent student loan relief. Congress called for Biden to cancel up to $50,000 of debt, but he pushed it back.
I would like to get advice on tackling student loan debt. My loans are in forbearance, and I want to investigate loan forgiveness options. We will look at how a student loan balance can triple, and then we will look at your loan forgiveness options.
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