The Biden administration announced on Friday an additional round of student loan forgiveness, this time impacting public service workers. Almost 55,000 borrowers will be impacted by the decision, which will have a cost of $4.28 billion. They include teachers, firefighters and members of law enforcement who meet certain qualifications.
Public service workers were able to apply for forgiveness after making payments on their federal loan balance for 10 years. The PSLF Program provides an incentive for Americans to pursue and remain in careers in education, public health, law enforcement, emergency response, and other critical public service fields by forgiving borrowers' remaining student loan balance after they have made the required 120 qualifying monthly payments," reads a passage of the announcement.
