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D O E: 100,000 student loan borrowers eligible for debt cancellation

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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 working full-time for nonprofit or public organizations promised that their student loan debt would be wiped out after they pay on the debt over the course of 10 years.  Meanwhile, only a small portion of people who qualified for the program were granted forgiveness prior to 2021, the news outlet noted.

Also, the program applied to those with direct loans, those who have consolidated into the direct loan program or those who submitted an application to the direct loan program while the waiver is in effect.

 

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