The Biden administration has approved the cancellation of federal student loan debt for another 45,000 public sector workers over the past few months, according to the Department of Education.
These workers qualify for student loan debt cancellation due to the changes the Department of Education made to the Public Service Loan Forgiveness program in October. Since then, the administration has approved the cancellation of about $8.1 billion in federal student loan debt for close to 145,000 borrowers under the new waiver. Some of these borrowers have been approved for loan forgiveness but have yet to receive the relief.
Previously, eligibility also hinged on having a federal Direct Loan and being enrolled in an income-driven repayment plan, which sets payments based on income and family size. Those with Federal Family Education Loans, which were made by private lenders but backed by the government, did not qualify.Many borrowers don't have to take any action in order to have the Department of Education review and update the number of their qualifying payments.
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