The federal government already has a number of programs that offer student debt forgiveness for certain groups of borrowers, usually after they make a specific number of payments.
There’s a debt relief program for nonprofit and government workers as well as one for borrowers who were defrauded by their colleges. Borrowers who are permanently disabled are also eligible for federal student loan cancellation.
Under Biden, some of these programs have been temporarily expanded, making it easier for some borrowers to qualify for forgiveness. The administration has approved more than $26 billion in targeted cancellation for over 1.3 million borrowers — more than under any other president.
Here are five forgiveness programs that currently exist for federal student loan borrowers and what Biden has done to modify them:
1. Public Service Loan Forgiveness
How it works:
The Department of Education began reviewing the first applications for PSLF in fall 2017.
Teachers, social workers, some nurses and doctors as well as government lawyers are some of the types of borrowers who may be eligible.
There are several restrictions. First, a borrower must be working full time for an eligible government or nonprofit for at least 10…
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