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Biden Administration Announces Additional Student Loan Forgiveness
$12 Billion in Loans Discharged for 153,000 Borrowers
The Biden-Harris Administration announced today that it will automatically discharge $12 billion in loans for nearly 153,000 borrowers. This is the latest round of student loan forgiveness under the administration's existing program, which has already forgiven $19 billion in loans for 1.3 million borrowers.
Who is Eligible for Forgiveness?
The borrowers eligible for this round of forgiveness are enrolled in the Public Service Loan Forgiveness (PSLF) program. PSLF is a program that forgives the remaining balance on federal student loans after 10 years of working full-time in public service. The administration has recently made changes to the PSLF program to make it easier for borrowers to qualify for forgiveness.
Borrowers who have made at least 120 qualifying payments under PSLF will have their remaining balance forgiven automatically. Borrowers who have made fewer than 120 qualifying payments may still be eligible for forgiveness if they meet certain other requirements.
How to Apply for Forgiveness
Borrowers who believe they may be eligible for forgiveness under PSLF should apply online at studentaid.gov/pslf. The application process is free, and borrowers can track the status of their application online.
Additional Student Loan Relief
In addition to the PSLF forgiveness, the Biden-Harris Administration has also announced $49 billion in additional student loan debt relief for 736,000 borrowers. This relief includes:
- $28 billion in forgiveness for borrowers who have been defrauded by their colleges or universities
- $11 billion in forgiveness for borrowers who are disabled
- $10 billion in forgiveness for borrowers who have worked in public service for at least five years
The Biden-Harris Administration is committed to providing relief to student loan borrowers and making higher education more affordable for all.
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