100K borrowers are eligible to have their federal student loan debt canceled under new public service rules.
The Public Service Loan Forgiveness program promises to wipe away remaining federal student loan debt after an eligible public service worker makes 10 years of monthly payments. It was created about 15 years ago, but a very small percentage of people who applied had received forgiveness before 2021.
"The PSLF announcement made today means more of our dedicated teachers, nurses, first responders, service members, and many other public service workers will get meaningful relief," Education Secretary Miguel Cardona said then in a statement.Due to the temporary waiver, it no longer matters what kind of federal student loan a borrower has or what repayment plan he or she is enrolled in.
Those who already have Direct Loans but have not submitted employment certification forms for past periods of repayment must also do that now.
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