The US has approved $42 billion in loan forgiveness for public service workers. Here's what to know

[Eugene]

Related: U.S. Department of Education Announces $42 Billion in Approved Public Service Loan Forgiveness for More Than 615,000 Borrowers Since October 2021 (U.S. Department of Education)

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Source: Associated Press

The US has approved $42 billion in loan forgiveness for public service workers. Here’s what to know

By ADRIANA MORGA and CORA LEWIS
May 10, 2023

The U.S. has approved more than $42 billion in federal student loan debt forgiveness for more than 615,000 borrowers in the past 18 months as part of a program aimed at getting more people to work in public service jobs, the U.S. Department of Education said this week.

The Public Service Loan Forgiveness program is open to teachers, librarians, nurses, public interest lawyers, military members and other public workers. It cancels a borrower’s remaining student debt after 10 years of public interest work, or 120 monthly payments.

The program is separate from President Joe Biden’s student debt relief plan, which would wipe away or reduce loans for millions of borrowers regardless of what field they work in. The U.S. Supreme Court is currently considering whether that plan can go ahead.

The Public Service Loan Forgiveness program, known as PSLF, was launched in 2007, but stringent rules meant that more than 90% of applicants were rejected, the Department of Education said in 2019.

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Read more: https://apnews.com/article/pslf-public-service-loan-forgiveness-program-student-loans-e840af29f8879512199ed6fce226c722

[mike_c]

1. PSLF forgave my loans and refunded $16K in over charges

Rather than cut a single check, they sent 34 of them, each refunding a monthly payment beyond the 120 needed to qualify for forgiveness. My wife came in from the mailbox with a stack of gov't checks, saying "This is either really good, or it's really bad!" They looked at me kind of askance at the bank, too. I felt like I was laundering money, lol!

Once again, I have to thank President Biden for resuscitating the PSLF program. Thank you!

[peppertree]

3. Great to hear that - and what a contrast with El Cheeto

The Orange Oaf basically spent four years shaking down foreign governments - and misusing TPP - to get Little Jared's loans forgiven, and those of his other friends and backers.

[summer_in_TX]

2. Does my heart good to hear of each person whose burden in life

has been lightened by the actions of this president.

Thank you, Joe!