Although their more far-reaching initiative to forgive some debt incurred by student loans is currently the subject of GOP-run legal challenges, the Biden administration is continuing to secure forgiveness of large portions of student loan debt in more targeted programs. That list includes an opportunity for workers in various public service fields to see loans forgiven.
The Department of Education said in a new press release that more than 615,000 individuals had already benefited from that specific initiative since late 2021, months into Biden’s time in office, with most of their loans already formally undone. Across the entirety of Trump’s term, apparently around 7,000 individuals were provided student loan forgiveness under this program, making the latest numbers from the Biden administration an obviously dramatic jump providing help for individuals living nationwide. The debt forgiven under the program covering public service workers since Biden took office has reached $42 billion.
The Biden administration has also been rolling out changes to the process of applying for loan forgiveness under this program, called Public Service Loan Forgiveness (PSLF). Majorly, those seeking this assistance will now be able to finalize their application for help entirely electronically instead of needing to fax or mail any documentation to authorities. The categories of workers who can access this help include people working in fire and rescue, law enforcement, education, and non-profit organizations otherwise meeting requirements. Those accessing this help must first make 10 years worth of monthly payments before loan forgiveness, which it seems can cover the entirety of whatever is left of these individuals’ debts, and it appears a lot more of this debt forgiveness could be coming for Americans.
“In addition to the borrowers who have been approved for forgiveness, more than two million borrowers now have an approved PSLF Form and are on the path to forgiveness,” the Department of Education said in a press release from Monday. Others who have been able to access debt relief under specialized programs administered by the Biden team include persons who’ve seen serious problems with their schools, like in the closure of ITT Technical Institute. The department is also pursuing a framework providing for monthly payments of $0 if individuals’ incomes are below a certain amount (in this case, $30,500 for individuals).
Although Republican political figures have loudly opposed some of the Biden administration’s debt forgiveness hopes, some of those in that corner were among those benefiting from the loan forgiveness available in association with Paycheck Protection Program (PPP) money released in connection to the COVID-19 pandemic.
