New Student Loan Forgiveness Measures Announced by the Biden-Harris Administration
Additional $58 Billion Approved in Loan Forgiveness
The Biden-Harris Administration has announced the approval of an additional $58 billion in Public Service Loan Forgiveness (PSLF) Program forgiveness. This brings the total amount of student debt forgiven under the Biden administration to approximately $150 billion.
Expanded Eligibility and Cancellation Amounts
The PSLF Program provides forgiveness of the remaining balance of federal student loans for borrowers who work in public service jobs for 10 years. Under the new expansion, borrowers will now be eligible for loan forgiveness after just five years of service, and the maximum amount of forgiveness has been increased from $50,000 to $75,000.
Other Student Loan Relief Programs
In addition to the PSLF expansion, the Biden administration has also announced several other student loan relief programs, including: * Canceling up to $12 billion in student debt for borrowers who attended for-profit colleges. * Providing up to $49 billion in additional PSLF forgiveness for borrowers who have already made at least 10 years of payments but have not yet reached the required 10 years of public service. * Extending the pause on federal student loan payments through August 31, 2023.
Benefits for Borrowers
These new loan forgiveness measures will provide significant financial relief to borrowers who are struggling to repay their student loans. By expanding eligibility and increasing the maximum amount of forgiveness, the government is making it easier for borrowers to pursue public service careers and achieve financial stability.
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