Student Loan Forgiveness Has Arrived for 70,000 Borrowers Working Public Service Jobs

The overhaul of a controversial loan forgiveness program was projected to erase the debt of 22,000 student loan borrowers in the effort’s first weeks. Three months in, more than triple that figure have had their debts wiped out.

The U.S. Department of Education released the Public Service Forgiveness Loan figures Thursday, a year into President Joe Biden’s term as president.

The loan forgiveness initiative, which was rolled out in 2007, was designed to entice people to work as teachers, police officers, firefighters or in other public jobs. After 10 years working in those jobs and making payments, their college debt would be erased. In practice, the federal government forgave almost no one’s debt.

When the Biden administration loosened standards in October, the agency estimated more than 22,000 borrowers would benefit immediately, and 27,000 would qualify as soon as they proved they worked in an eligible job.

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Source: USA Today