With a temporary expansion of a popular debt-relief program for public servants set to end in the coming days, the Biden administration said it will continue to identify more borrowers eligible for forgiveness.
gave teachers, social workers and other public servants credit for payments that previously did not qualify for relief. The reprieve — which ends Mondayresulted in more than 236,000 people receiving $14 billion in debt cancellation, according to the department.
“Our team has worked to turn public service loan forgiveness from a promise broken into a promise kept,” Education Secretary Miguel Cardona said on a call with reporters Tuesday. “We’re focused on making this program work for the long haul … to reduce the red tape and the confusing rules that riddled the pilot program in the past.”The PSLF program, created by Congress in 2007, requires borrowers to make 120 on-time monthly payments for 10 years to have their remaining balance canceled.
Starting in November, the department will automatically cancel the loans of anyone who has made the required number of payments for forgiveness based on the one-time account adjustment. People who receive additional credit, but not enough to hit the cancellation threshold, will have their accounts adjusted in July.
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