About 100,000 borrowers eligible for student loan forgiveness program

On Wednesday, the U.S. Department of Education said it has identified 100,000 borrowers...
On Wednesday, the U.S. Department of Education said it has identified 100,000 borrowers eligible for the Public Service Loan Forgiveness Program.(Source: Pixabay)
Published: Mar. 9, 2022 at 12:04 PM EST
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(Gray News) - The Biden administration is canceling more than $6 billion of federal student loan debt.

On Wednesday, the U.S. Department of Education said it has identified 100,000 borrowers eligible for the Public Service Loan Forgiveness Program.

The program forgives the remaining balance on direct loans after the borrower has made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

The program launched 15 years ago, but the Biden administration made changes to it in October.

Among the changes, for a limited time, borrowers may receive credit for past periods of repayment on loans that would otherwise not qualify for the program.

Some borrowers have until October to apply for the forgiveness.

For more information on student loan debt cancellation, go to the Department of Education’s website.

Copyright 2022 Gray Media Group, Inc. All rights reserved. CNN Newsource contributed to this report.