More Than $10B in Debt Relief Has Been Approved Through Loan Forgiveness Program, USDE Says

Posted on August 25, 2022 at 2:22pm by

The U.S. Department of Education recently announced that more than $10 billion in debt relief has been approved through the Public Service Loan Forgiveness program, which in October 2021 adjusted certain rules to make it easier for public servants with federal student loans to have debts canceled, according to the press release. Borrowers who apply prior to the October 31 waiver deadline are eligible to receive additional credit toward forgiveness.

To date, more than 1 million borrowers have received additional credit toward forgiveness – with the average borrower receiving more than one year’s worth of progress – and a total of $32 billion in student loan relief has been approved for more than 1.6 million borrowers, according to the USDE.

“(This) announcement that we’ve surpassed $10 billion in forgiveness for more than 175,000 public servants shows that the Biden-Harris administration’s efforts to cut red tape are turning the Public Service Loan Forgiveness program from a promise broken into a promise kept,” U.S. Secretary of Education Miguel Cardona said in the release. “We’re committed to helping borrowers who choose to pursue careers in education, public health, social work, law enforcement, and other critical fields receive the benefits to which they’re entitled for leading lives of service.”

To learn more about the USDE’s announcement, click here.

If you are in need of representation regarding outstanding student loan debt, Sader Law Firm attorneys are ready to assist. Contact us at (816) 561-1818 with any questions.