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

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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