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The White House announced an additional $4.5 billion in student debt relief for approximately 60,000 public service borrowers – including teachers, nurses, firefighters and others — bringing the number of public service workers to get relief during the Biden administration to more than 1 million.
The Department of Education announced the relief comes with additional fixes being made to the Public Service Loan Forgiveness Program under which it has forgiven $175 billion in loans for more than 4.8 million U.S. residents to date. The program supports those who work in the public service sector, which includes teachers, first responders, military service members and others who work in government. They qualify for loan forgiveness if they have made the required 120 qualified monthly payments.
Education Secretary Miguel Cardona said in a statement: “Before President Biden and Vice President Harris entered the White House, the Public Service Loan Forgiveness Program was so riddled by dysfunction that just 7,000 Americans ever qualified and countless public servants were trapped making debt payments that should have been forgiven. .. I want to send a message to college students across America that pursuing a career in public service is not only a noble calling but a reliable pathway to becoming debt-free within a decade.”
Cardona said the continued fixes being made to the program simply make it operate the way it was intended to in providing relief to those who have faithfully made payments to it: “i’m tremendously proud that over one million teachers, nurses, social workers, veterans and other public servants have received life-changing loan forgiveness. As Secretary of Education, I want to send a message to college students across America that pursuing a career in public service is not only a noble calling but a reliable pathway to becoming debt-free within a decade.”
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