Public Service Loan Forgiveness: 100,000 borrowers are eligible so far under new rules
CNN
The Department of Education has so far identified 100,000 borrowers who are eligible for student debt cancellation due to the changes the agency made to the Public Service Loan Forgiveness Program in October. The cancellations are expected to total about $6.2 billion in federal student debt relief.
The cancellations for those people are expected to total about $6.2 billion in federal student debt relief. Not all of the eligible borrowers have been notified of their debt relief yet. They are being notified on a rolling basis, and the Department of Education could not provide a date when all of them will have been contacted.
The announcement marks the latest effort by the Biden administration to make it easier for some borrowers to qualify for loan forgiveness under existing programs. But the administration's piecemeal approach still falls short of the President's campaign pledge to support canceling $10,000 for each of the roughly 43 million people who currently hold federal student loan debt.
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