Education Dept. says it will temporarily drop some of the toughest requirements around Public Service Loan Forgiveness.
The Education Department said Wednesday it will temporarily drop some of the toughest requirements around Public Service Loan Forgiveness, a program that was launched in 2007 to steer more college graduates into public service but, since then, has helped just 5,500 borrowers get their loans erased.
The change will immediately make 22,000 borrowers eligible to get loans canceled, and another 27,000 could become eligible if they get previous payments certified, according to the department. In total, more than 550,000 borrowers will be moved closer to forgiveness, the agency said. It’s a particular boon for borrowers with Federal Family Education Loans, from a defunct loan program that issued federally backed loans through banks. Loans in that program, which ended in 2010, were previously ineligible but can now be cancelled through the updated rules.
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