110,000 US Borrowers Receive Debt Relief Through the Federal Loan Forgiveness Program

110,000 US Borrowers Receive Debt Relief Through the Federal Loan Forgiveness Program

110,000 U.S. Borrowers , Receive Debt Relief Through , the Federal Loan Forgiveness Program.br NBC News reports changes to the Public Service br Loan Forgiveness Program have provided br about $6.8 billion in debt relief. .br Over 110,000 borrowers in the United States br have reportedly reaped the benefits.br According to the Department of Education, br the average amount of debt forgiven br per borrower is close to $60,000. .br In 2007, the Public Service Loan br Forgiveness program was signed br into law by President George W. Bush. .br The program allowed for nonprofit br and government employees to have their br loans forgiven after 10 years or 120 payments. .br However, according to NBC, the program br was plagued by problems resulting in many br borrowers being ruled not eligible for debt relief. .br NBC reports that hundreds of thousands more could see their student loans forgiven under the policy changes made by the Biden administration last year. .br NBC reports that hundreds of thousands more could see their student loans forgiven under the policy changes made by the Biden administration last year. .br Those changes include br a reassessment of borrowers' timelines br and of payments previously ruled ineligible. .br According to the Consumer Financial Protection Bureau, br as many as one-quarter of workers in the U.S. could be br eligible for debt relief under the temporary policy changes. .br According to the Consumer Financial Protection Bureau, br as many as one-quarter of workers in the U.S. could be br eligible for debt relief under the temporary policy changes. .


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Uploaded: 2022-05-05

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