To mark Public Service Recognition Week, the U.S. Department of Education announced it has approved nearly 616,000 borrowers nationwide for approximately $42 billion in Public Service Loan Forgiveness (PSLF) since October 2021.
Public Service Loan Forgiveness (PSLF), covers public employees — such as teachers, firefighters and members of law enforcement, as well as those who work for a non-profit organization — in a variety of fields by forgiving the remaining federal student loan balance for those who make the required 120 qualifying monthly payments.
In fact, PSLF is making an incredible difference for public servants in Michigan:
- Between October 2021 and May 2023, the Department has approved nearly 22,000 borrowers in Michigan for more than $1.4 billion in loan forgiveness under temporary changes the Biden-Harris administration made to the PSLF Program. That’s more than $66,000 per borrower!
- While hundreds of thousands of Michigan borrowers already have benefited from PSLF, more will benefit as the program continues.
“Since Day One, the Biden-Harris administration has worked relentlessly to fix a broken student loan system, including by making sure we fulfill the promise of Public Service Loan Forgiveness for those who have spent a decade or more serving our communities and our country,” said U.S. Secretary of Education Miguel Cardona in a press release. “To date, the Biden-Harris team has kept that promise for more than 615,000 teachers, nurses, social workers, service members and other public servants by approving a combined $42 billion in student loan debt forgiveness. The difference that Public Service Loan Forgiveness is making in the lives of hundreds of thousands of Americans reminds us why we must continue doing everything we can to fight for borrowers and why families cannot afford to have progress derailed by partisan politicians. During Public Service Recognition Week— and every week —we thank all those who serve our communities.”
Public Service Recognition Week celebrates individuals who serve the United States and local communities as employees of federal, state, local, or tribal government.
Recent improvements to the PSLF application process
- In addition to record approvals, the Department is also announcing that for the first time borrowers can now sign and submit their PSLF forms digitally and closely track their status through the process.
- These significant changes to the PSLF application process create a faster, more straightforward and more transparent process for borrowers.
- The changes also improve the experience for public service employers, who now can confirm a borrower’s employment digitally via DocuSign.
Background information about the PSLF Program
Visit StudentAid.gov/publicservice to learn more about:
- Qualifying employment
- Eligible loans
- Qualifying payments
- Qualifying repayment plans
- The PSLF process
- The PSLF help tool
More information can be found at Federal Student Aid’s Become a Public Loan Forgiveness (PSLF) Help Tool Ninja article.
Public servants in Michigan are encouraged to visit StudentAid.gov/publicservice to learn more.
The national press release for this announcement is at U.S. Department of Education Announces $42 Billion in Approved Public Service Loan Forgiveness for More Than 615,000 Borrowers Since October 2021 | U.S. Department of Education.
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