The Biden-Harris Administration has announced the approval of $5.8 billion in additional student loan debt relief for 77,700 borrowers. These approvals are the result of fixes made by the Administration to Public Service Loan Forgiveness (PSLF).
Dr. Miguel Cardona
“For too long, our nation’s teachers, nurses, social workers, firefighters, and other public servants faced logistical troubles and trap doors when they tried to access the debt relief they were entitled to under the law. With this announcement, the Biden-Harris Administration is showing how we’re taking further steps not only to fix those trap doors, but also to expand opportunity to many more Americans,” said U.S. Secretary of Education Dr. Miguel A. Cardona. “Today, more than 100 times more borrowers are eligible for PSLF than there were at the beginning of the Administration. The Biden Administration is turning a promise broken under our predecessor into a promise kept.”
The debt relief announced Thursday includes borrowers who have benefitted from the Biden-Harris Administration’s limited PSLF waiver as well as regulatory improvements made to the program by the Administration. Total relief through PSLF is now $62.5 billion for 871,000 borrowers since October 2021. Prior to the Biden-Harris Administration’s fixes to PSLF, only about 7,000 borrowers had ever received forgiveness.
“The Biden-Harris Administration is proud to provide relief for another 77,700 borrowers who have given back to their communities through public service,” said U.S. Department of Education Under Secretary James Kvaal. “We hope this relief provides borrowers and their families some much needed breathing room.”
An additional nearly 380,000 borrowers who are within two years, or 24 qualifying payments, of receiving forgiveness under PSLF will also receive an email from Biden starting next week thanking them for their service and notifying them that if they continue in their public service work, they will be eligible for forgiveness within that time frame.
