550,000 people are expected to benefit from changes.
On Tuesday, the Department of Education announced that it would allow all eligible student borrowers to claim credits from the Public Service Loan Forgiveness (PSLF) program until the end of the month. Education Secretary Miguel Cardona said, “Borrowers who devote a decade of their lives to public service should be able to rely on the promise of Public Service Loan Forgiveness.”
PSLF is designed to reward Americans who serve in public service roles like teachers or federal employees to have their student loans forgiven after 10 years of work and regular payments. According to the Education Department, the change would aim to “restore the promise” of the PSLF program. 550,000 people are expected to be impacted by this change, with 22,000 people immediately eligible to have their loans forgiven immediately.
As the Lord Leads, Pray with Us…
- For Secretary Cardona as he seeks to improve the American education system.
- For President Biden to have wisdom on how best to address the issue of student debt.
- For officials in the Education Department as they administer the PSLF program.
Sources: The Hill, NPR, WSJ
