Biden Administration Forgives $4.28 Billion in Student Loans For Public Service Workers

Investopedia12-21 01:10

KEY TAKEAWAYS President Joe Biden's administration forgave another $4.28 billion in student loan forgiveness for borrowers under the Public Service Loan Forgiveness (PSLF) plan Friday.Rule changes ...

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Under the PSLF program, borrowers who worked for a public service organization and made 120 qualifying student loan payments can receive loan forgiveness.This round of forgiveness is the latest in a string of actions by the department to reli","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SAVE.AU":"PINNACLE ASHARES GB DYN INC","BK4008":"航空公司","SAVE":"Spirit Airlines","BK4500":"航空公司"},"translate_title":"拜登政府免除公共服务人员42.8亿美元学生贷款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAVE":1,"SAVE.AU":1},"content_text":"KEY TAKEAWAYS\nPresident Joe Biden's administration forgave another $4.28 billion in student loan forgiveness for borrowers under the Public Service Loan Forgiveness (PSLF) plan Friday.Rule changes made by the Biden Administration in 2021 expanded the program's eligibility and has now resulted in nearly 1.1 million borrowers receiving forgiveness.Biden's Saving for a Valuable Education (SAVE) plan is still paused by ongoing lawsuits, and some PSLF borrowers may want to switch repayment plans to work toward forgiveness.\n President Joe Biden's administration forgave an additional $4.28 billion in student loans under the Public Service Loan Forgiveness (PSLF) plan Friday.\n\n\n The Department of Education said 54,900 additional borrowers under the PSLF program would receive loan forgiveness. Under the PSLF program, borrowers who worked for a public service organization and made 120 qualifying student loan payments can receive loan forgiveness.\n\n\n This round of forgiveness is the latest in a string of actions by the department to relieve student loan debt under Biden. His administration changed the PSLF rules in 2021, expanding the program's eligibility requirements. That has resulted in more than 1.06 million borrowers receiving forgiveness under that plan in total, the department said.\n\n\n This relief comes while Biden's Saving for a Valuable Education (SAVE) plan is still paused due to ongoing lawsuits. Borrowers enrolled in the SAVE plan are in forbearance and cannot make qualifying payments toward PSLF. The Department of Education recently announced that borrowers can switch to another repayment plan to work toward loan forgiveness.\n\nDo you have a news tip for Investopedia reporters? 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