New Rules to Public Service Loan Forgiveness Allow 100,000 Borrowers To Be Eligible
On October 6 of last year, the Department of Education announced temporary changes to the Public Service Loan Forgiveness (PSLF) program as a response to the economic slowdown caused by Covid-19. The main change comes from expanded eligibility until the end of October this year, resulting in more than 100,000 borrowers now eligible with an estimated total of $6.2 billion in federal student loan cancellations. Currently, there are still many borrowers who have not yet been contacted for their changed eligibility status for debt relief. Although the department did not…