Are you eligible for $4.5 billion in student loan forgiveness?
Recently, the U.S. Department of Education unveiled a plan to make student loan forgiveness more accessible to borrowers under the Public Service Loan Forgiveness program. The Public Service Loan Forgiveness program specifically assists borrowers who work for a qualified public service or nonprofit organization access federal student loan forgiveness after completing the designated requirements including 120 monthly payments. At this time, private loans do not qualify.
According to the Department of Education, this new policy will result in 22,000 borrowers who have previously consolidated their loans to become eligible for 1.74 billion dollars in forgiveness, and an additional 27,000 borrowers will qualify for 2.82 billion dollars in forgiveness if they certify additional periods of employment. While borrowers do not have to consolidate their loans in order to qualify for forgiveness, it is estimated that 550,000 borrowers who have consolidated will get more loan payments to count towards the required 120.
If you are a nonprofit employee, you can apply for student loan forgiveness under these new terms through October 31, 2022.
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