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The Education Department has discharged $42 billion through the Public Service Loan Forgiveness program since October 2021, the agency announced Monday.
The department temporarily overhauled the program in October 2021, making it easier for eligible borrowers to apply for forgiveness. More than 615,000 borrowers have since received debt relief. At the end of the Trump administration, about 7,000 borrowers had been approved for relief under the PSLF program, according to the news release.
The Biden administration has made many of the temporary fixes permanent through new regulations that will take effect July 1.
On Monday, the department announced changes to the program so that borrowers can complete the application all online—a first for the program—and digitally track the status of their application through the StudentAid.gov website.
“FSA is making the Public Service Loan Forgiveness Program as easy as possible so all public servants can finally get the loan forgiveness they have earned,” Federal Student Aid chief operating officer Richard Cordray said in a news release. “The improved PSLF Help Tool is another step forward to modernize and simplify the process for people who rely on us to carry out the law effectively.”
