But we need the debt ceiling raised eh.
The discharged amount totals $42 billion in debt and comes after temporary changes to the public service loan forgiveness (PSLF) program.
finance.yahoo.com
Fri, May 19, 2023 at 10:55 AM AKDT·3 min read
The Biden administration has approved the discharge of student loan debt for more than 615,000 borrowers since October 2021 under temporary changes to the public service loan forgiveness (PSLF) program.
The discharged amount totals $42 billion in debt and is a big increase from the previous administration’s record, which approved just 7,000 borrowers under the PSLF program or only 2% of PSLF applicants, leading to the basis for the expanded program eligibility.
The changes — known as the PSLF waiver — allowed previously denied borrowers to reapply, expanded who qualifies to apply for forgiveness, and counted payments that were otherwise not eligible for the original program.