110,000 U.S. Borrowers , Receive Debt Relief Through , the Federal Loan Forgiveness Program.
NBC News reports changes to the Public Service Loan Forgiveness Program have provided about $6.8 billion in debt relief.
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Over 110,000 borrowers in the United States have reportedly reaped the benefits.
According to the Department of Education, the average amount of debt forgiven per borrower is close to $60,000.
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In 2007, the Public Service Loan Forgiveness program was signed into law by President George W.
Bush.
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The program allowed for nonprofit and government employees to have their loans forgiven after 10 years or 120 payments.
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However, according to NBC, the program was plagued by problems resulting in many borrowers being ruled not eligible for debt relief.
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NBC reports that hundreds of thousands more could see their student loans forgiven under the policy changes made by the Biden administration last year.
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NBC reports that hundreds of thousands more could see their student loans forgiven under the policy changes made by the Biden administration last year.
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Those changes include a reassessment of borrowers' timelines and of payments previously ruled ineligible.
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According to the Consumer Financial Protection Bureau, as many as one-quarter of workers in the U.S. could be eligible for debt relief under the temporary policy changes.
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According to the Consumer Financial Protection Bureau, as many as one-quarter of workers in the U.S. could be eligible for debt relief under the temporary policy changes.
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The Biden administration's temporary changes to the program are scheduled to expire on October 31, 2022
