100,000 student borrowers eligible for debt cancellation: DOE
Nearly 100,000 people are eligible for student loan debt cancelation, the Department of Education announced on Wednesday.
The cancellations would apply to people who were affected by changes the agency made to the Public Service Loan Forgiveness program (PSLF) last year. In total, the cancellations would amount to almost $6.2 billion in student debt relief, according to CNN.
Under the Public Service Loan Forgiveness program, eligible borrowers were promised that their student loan debt would be canceled after they pay on the debt over the course of 10 years. Since it was established nearly 15 years ago, only a small portion of people who qualified for the program were granted forgiveness prior to 2021, the news outlet noted.
More than 90 percent of applicants to the program have been rejected.
The Biden administration widened eligibility requirements for the program temporarily last year after borrowers complained that they discovered they were ineligible for the program after they had already repaid their loans for at least a decade.
Education Secretary Miguel Cardona lauded the move at the time, saying that it signified "meaningful relief" for borrowers, CNN reported.
"The PSLF announcement made today means more of our dedicated teachers, nurses, first responders, service members, and many other public service workers will get meaningful relief," he said at the time.
