Public Service Loan Forgiveness Totals $42 Billion

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.