"Loan Forgiveness Programs: What You Need to Know"

The US Department of Education has approved over $42 billion in federal student loan debt forgiveness for more than 615,000 borrowers in the past 18 months as part of the Public Service Loan Forgiveness program. The program is aimed at getting more people to work in public service jobs and cancels a borrower’s remaining student debt after 10 years of public interest work or 120 monthly payments. The program is separate from President Joe Biden’s student debt relief plan, which would wipe away or reduce loans for millions of borrowers regardless of what field they work in.