New Loan Forgiveness for Public Service Workers
“From day one of my Administration, I promised to fix broken student loan programs and make sure higher education is a ticket to the middle class, not a barrier to opportunity.” – President Biden
It’s panning out to be an excellent week for nurses. A statement released by President Joe Biden this past Thursday promises to relieve $5.8 billion in federal student loan debt for public service workers. This initiative benefits those enrolled in the Public Service Loan Forgiveness (PSLF) program, who, according to Biden, have “dedicated their careers to serving their communities.”
The debt forgiven by the Biden-Harris Administration is part of an effort to address the broken student loan programs and ensure that higher education is accessible to all. Moreover, the Biden-Harris Administration has made fixes to the Public Service Loan Forgiveness program to rectify past issues that prevented many from receiving loan relief. According to the White House, the total student debt President Biden’s administration will forgive now amounts to about $144 billion, benefiting nearly 4 million Americans. The PSLF program provides considerable debt forgiveness for those committed to serving their communities, forgiving student debt for individuals in public service roles like nursing, firefighting, and teaching after ten years of continuous loan payments. In his statement, Biden continued his optimistic rhetoric:
“I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans and build an economy from the middle out and bottom up.”
The Biden-Harris Administration will send email notifications to 380,000 borrowers who are within two years of getting their loans forgiven through PSLF. The email campaign aims to encourage borrowers to continue making their payments to be eligible to have the remaining balance forgiven after ten years.
Read more about Biden’s student loan forgiveness initiative here. Also, learn about the best loans for nurses.
