Department of Education Overhauls Public Service Loan Forgiveness Program
This could bring relief to more than 550,000 borrowers
The U.S. Department of Education announced major changes Wednesday to a federal student loan forgiveness program that the agency says could bring relief to more than 550,000 borrowers working in government and nonprofit sectors, including around 22,000 borrowers who will automatically be eligible for student loan forgiveness without needing to take additional steps.
Through the Public Service Loan Forgiveness program, the government forgives remaining federal student loan debt for qualifying public-sector workers after they have made monthly payments for 10 years.
But the program has long been criticized for being difficult to navigate, with borrowers receiving little help from their loan servicers, the companies that handle billing and other services. Many borrowers have said they found out they weren't eligible for forgiveness only after making what they thought were a decade's worth of qualifying payments.
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