DECATUR, Ill. (WAND) – Speaking on the floor of the U.S. Senate, Sen. Dick Durbin (D-Illinois) said changes to the Public Service Loan Forgiveness Program will benefit thousands of students who should have had their educational loans forgiven.
Congress created the program in 2007, but the Trump administration had blocked attempts to forgive most loans.
“Nearly 99 percent of those who applied under the Public Service Loan Forgiveness Program were denied relief by the previous administration,” Durbin stated. “Often for superficial clerical errors, loan servicing mistakes or other matters beyond their control.”
Under the program students who committed to ten-years of public service, including those in the military, were qualified to have their loans forgiven. But the majority of those loans have not been forgiven.
The Education Department under the Biden Administration has decided to start loan forgiveness almost immediately for more than 22,000 borrowers. Another 550-thousand will see a reduction in the amount of additional time that they’re required to make payments.