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Since a series of tweaks to make the program easier to access, more than 850,000 Americans have had their loans forgiven in exchange for a decade of public service.
The Biden administration on Thursday announced that a new tranche of borrowers have recently received debt relief in exchange for their work in public service, taking the program over $60 billion in total debt forgiven.
Public Service Loan Forgiveness, established in 2007, offers college graduates the chance to have their student loan debt forgiven if they spend 10 years working for government or a qualifying nonprofit organization and make regular loan payments over that time period.
But applicants reported that prior to the Biden administration, the program was cumbersome at best, and frustrating at worst, thanks to stringent rules governing loan payments and inconsistent information provided by the government, contractors and lenders. And President Trump routinely proposed canceling the program altogether in his annual budget requests.
In 2021, the Biden administration instituted a temporary waiver program to ensure federal workers and other public servants who had tried to abide by the program’s terms could access its benefits. And in 2022, the Education Department issued a series of regulatory changes to streamline the program permanently. Those changes went into effect last July.
