110,000 U.S. Borrowers , Receive Debt Relief Through , the Federal Loan Forgiveness Program.
NBC News reports changes to the Public Service
Loan Forgiveness Program have provided
about $6.8 billion in debt relief. .
Over 110,000 borrowers in the United States
have reportedly reaped the benefits.
According to the Department of Education,
the average amount of debt forgiven
per borrower is close to $60,000. .
In 2007, the Public Service Loan
Forgiveness program was signed
into law by President George W. Bush. .
The program allowed for nonprofit
and government employees to have their
loans forgiven after 10 years or 120 payments. .
However, according to NBC, the program
was plagued by problems resulting in many
borrowers being ruled not eligible for debt relief. .
NBC reports that hundreds of thousands more could see their student loans forgiven under the policy changes made by the Biden administration last year. .
NBC reports that hundreds of thousands more could see their student loans forgiven under the policy changes made by the Biden administration last year. .
Those changes include
a reassessment of borrowers' timelines
and of payments previously ruled ineligible. .
According to the Consumer Financial Protection Bureau,
as many as one-quarter of workers in the U.S. could be
eligible for debt relief under the temporary policy changes. .
According to the Consumer Financial Protection Bureau,
as many as one-quarter of workers in the U.S. could be
eligible for debt relief under the temporary policy changes. .
The Biden administration's temporary
changes to the program are scheduled
to expire on October 31, 2022