In a welcoming move, the Biden administration announced changes to the federal student loan forgiveness program. As per the expansion, this would allow thousands more public sector workers to seek an amnesty on their educational debts.
As per an official statement, the fresh policies by the U.S. Department of Education would affect an estimated 550,000 borrowers. It would extend them an extra two years of progress toward forgiveness. The changes will run through Oct. 31, 2022.
“Teachers, nurses, first responders, service members, and so many public service workers have had our back especially amid the challenges of the pandemic,” U.S. Secretary of Education Miguel Cardona said.
“The system has not delivered on that promise to date, but that is about to change for many borrowers who have served their communities and their country,” Cardona said.
The Public Service Loan Forgiveness Program intends in allowing public sector workers to apply and have their student loans canceled after 10 years of public work. However, borrowers must apply, and thus many face roadblocks or restrictions.
As per the U.S. Department of Education, the recent announcement by the Biden administration aims to simplify the application process. It also aims to review previous applications that had been denied or faced processing errors.
The National Education Association, an education union representing 3 million teachers praised the changes. “This is a welcome step towards keeping the promise of PSLF and canceling the student debt of every educator who has served their commitment to their communities,” it said.
