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Can Student Loan Forgiveness Program Help You Get Out of Debt?

Borrowers want to know how to apply for student loan forgiveness. GETTY

The United States Department of Education has announced a new round of student loan forgiveness. According to the Department, borrowers who are eligible for this round of student loan forgiveness have been notified via email.

The new round, which is currently underway, will forgive $2 billion in loans.

According to Fortune, the loan forgiveness is part of a major overhaul of the Public Service Loan Forgiveness scheme.

It is intended to help teachers, social workers, firefighters, and other public servants with their student loans. Those who qualify for this scheme have their loans forgiven after ten years of making payments.

How Can You Be Eligible For The Student Loan Forgiveness Program?

To make it easier for people to get loan forgiveness in the future, the Education Department made some changes to the program’s application process.

Education Secretary Miguel Cardona stated that the new round of waivers will help approximately 30k people, including members of the armed forces and veterans.

Millions of student loan borrowers will make their first federal student loan payment in nearly two years after 22 months of optional federal student loan payments.

There are three things to remember. First, you must determine whether you are eligible for student loan forgiveness. Then, find out if you’ll be getting a new loan servicer, and finally, think about student loan refinancing.

Borrowers who attended defunct schools that were involved in deceptive or illegal practices were also granted relief by the department. More than 188,000 people with $2.6 billion in student loan debt benefited from this round of loan forgiveness. The multiple rounds of forgiveness represent a small portion of the nearly $1.8 trillion in student loan debt held by 43 million people in the United States.

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