NASHVILLE, TN (WSMV) - The U.S. Department of Education announced a change to the Public Service Loan Forgiveness program as the Biden administration works to relax student loan forgiveness.
Throughout the pandemic, the education department has made tweaks and provided benefits to borrowers. Now, this is another step to help tackle loans.
The Public Service Loan Forgiveness Program was created in 2007 to benefit teachers, military members, and other public service workers. But the requirements have been too much for some, including educators.
“We have heard from lots of teachers that even just figuring out how to apply for the Public Service Loan forgiveness was a whole job in itself. So, making it a (better) process is a good thing,” Organizing Director for Metropolitan Nashville Education Association Sara Duran said.
Under recent changes announced by the department of education, 22,000 borrowers with consolidated loans will now be eligible for $1.74 billion in forgiveness. Duran said this is a positive step forward but believes more could be done.
The US Education Department announced Thursday it will cancel $5.8 billion in outstanding student loans for borrowers who are unable to work because of permanent disabilities.
“The reality is that there are 3.2 million teachers in this country, and the relaxation of these rules really is only going to apply to fewer than 50,000 teachers. And of course, teachers are not the only public service workers,” Duran explained.