WASHINGTON - Temporary changes to the troubled U.S. Public Service Loan Forgiveness (PSLF) program have helped over 113,000 people get student debt relief, totaling around $6.8 billion in forgiveness.
The U.S. Department of Education announced the new figures this week, revealing how many borrowers have benefitted from temporary changes announced by the Biden Administration that were designed to fix the troubled program.
The department added that the average amount of loan reduction per borrower has been close to $60,000.The PSLF program was created in 2007 as a reward for college graduates who pursue jobs that often pay modest salaries but serve a greater good, such as careers in teaching, government organizations including the military, or nonprofit groups.
Qualifying for the program is based on the employer, rather than the specific job. It allows these employees to have their debt canceled after 10 years of qualifying monthly payments on federal student loans.