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哥伦布、匹兹堡及各地消息
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U.S. Department of Education Announces
Public Service Loan Forgiveness
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Thanks to Temporary
Changes, U.S. Department of Education Announces Public
Service Loan Forgiveness Surpasses $10 Billion in Debt Relief
Department continues to encourage borrowers to apply for the Public
Service Loan Forgiveness (PSLF) before October 31 waiver deadline
Today, the U.S. Department of Education (Department) announced that
it has approved more than $10 billion in debt relief for over
175,000 borrowers in 10 months through the Public Service Loan
Forgiveness (PSLF) program. This follows changes the
Department announced in October 2021 that transformed the program by
changing certain rules to make it easier for public servants with
federal student loans to have their debts cancelled.
“For far too long, teachers, nurses, veterans, government employees,
and countless others dedicated to serving our country found Public
Service Loan Forgiveness to be nothing more than an empty promise,
and before President Biden took office, only 7,000 borrowers ever
managed to qualify,” said U.S. Secretary of Education Miguel
Cardona. “Today’s announcement that we’ve surpassed $10 billion in
forgiveness for more than 175,000 public servants shows that the
Biden-Harris administration’s efforts to cut red tape are turning
the Public Service Loan Forgiveness program from a promise broken
into a promise kept. We’re committed to helping borrowers who choose
to pursue careers in education, public health, social work, law
enforcement, and other critical fields receive the benefits to which
they’re entitled for leading lives of service.”
Borrowers in states across the country continue to benefit from the
temporary changes to the PSLF program and more than 1 million
borrowers have also received additional credit toward forgiveness,
with the typical borrower receiving more than a year’s worth of
progress. The Department is encouraging individuals to take action
before the October 31 deadline. Federal student loan borrowers who
are eligible can receive credit for payments that would otherwise
not qualify for the program.
Temporary Changes to PSLF
The temporary changes allow student borrowers to get credit for
payments made on loans from Federal Family Education Loan (FFEL)
Program, Perkins Loan Program, and other federal student loans.
These borrowers must apply to consolidate their loans into a Direct
Consolidation Loan before the deadline of October 31 to qualify for
the program under the temporary changes.
Additionally, under the temporary changes, past periods of
repayment count whether or not borrowers were on a qualifying
repayment plan or whether or not borrowers made payments.
Most borrowers who work or worked for a non-profit, or federal,
state, Tribal or local government since 2007 and who were repaying
their loans are eligible. Borrowers can also combine multiple
sources of part-time employment to qualify and months in service do
not have to be consecutive.
“The Department recognizes this relief has made a meaningful
difference in the lives of public service workers and non-profit
employees and encourages borrowers to visit StudentAid.gov/pslfwaiver
to learn more about the program before the October 31 deadline,”
said Under Secretary of Education James Kvaal.
The Biden-Harris Administration is leading four PSLF Days of
Action, each focused on a different public sector, to encourage
public servants across the nation to take advantage of temporary
changes to the PSLF program. A PSLF toolkit for employers can be
found here and stakeholders can use the toolkit found here.
Today’s announcement is part of the Biden-Harris Administration’s
broader efforts to get students and borrowers the benefits to which
they are entitled. These efforts include enacting lasting policies
to make college more affordable and preventing a future debt crisis
by holding schools accountable for leaving students with mountains
of debt and without the skills and preparation to find good jobs.
To date, $32 billion in student loan relief has been approved for
over 1.6 million borrowers. This includes:
$13 billion for 1 million borrowers whose institutions took
advantage of them through discharges related to borrower defense and
school closures;
More than $10 billion for over 175,000 borrowers through the Public
Service Loan Forgiveness Program; and
$9 billion in total and permanent disability discharges for more
than 425,000 borrowers.
The Department is also working on new regulations that will
permanently improve a variety of the existing student loan
forgiveness program by significantly reducing monthly payments and
providing greater protections for borrowers.
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