U.S. Education Secretary Miguel Cardona delivers remarks at the department's Lyndon Baines Johnson Building in Washington, D.C., on Jan. 27, 2022.Temporary changes to the troubled Public Service Loan Forgiveness Program have resulted in more than 110,000 people with student debt getting around $6.8 billion in relief.
The new figures from the U.S. Department of Education show how many borrowers are benefiting from the policy fixes announced by the Biden administration last year. Hundreds of thousands more could still see their debt discharged as part of the effort. The average amount of debt reduction per borrower is close to $60,000, according to the Education Department.
The public service loan forgiveness was signed into law by then-President George W. Bush in 2007, and allows nonprofit and government employees to have their federal student loans canceled after 10 years, or 120 payments. The Consumer Financial Protection Bureau estimates that one-quarter of American workers could be eligible.
USA 🇺🇸 is a very wealthy giving away money everywhere however the tax payers not only gets taxed very high, they have to pay almost $7 per gallon to get to work. POTUS should be renamed POS BIDEN
That’s called a voter bribe
So public employees not only get pay extremely well with taxpayers money but they steal our tax dollars to pay their students debts? In the mean time those who work for peanuts in the private sector don't get any help? Government is just run like a mafia.
CNBC Desperation at its most obvious, lol, money well spent once again Joe…
CNBC You are late to the party. This was done mnths ago. Shows this now is just to buy votes
CNBC Get it all done before gun toting evangelicals crying about their rights take over America destroying democracy.
CNBC Applauds! If you work in public services then you're making less than working in the private sector jobs. We need public servants so that makes sense. WhiteHouse
CNBC Bad idea
CNBC great. keep going.
CNBC This needs to be expanded to more people with student loans.
CNBC retweet like crazy .... bring in our younger generation to be educated and VoteBlueIn2022
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CNBC The problem is you have to pay the highest amount repayment plan, so the average indebted borrower pays off their loan before the forgiveness kicks in. The only ones that get the advantages from this are those that took out massive loans to obtain masters and doctorates
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CNBC Any loan forgiveness for honorably discharged veterans who happen to have student loans? Asking for a friend. 😅