It seemed like the day would never come for college alumni to get a little relief from their student loans, but President Joe Biden announced Wednesday he would honor his word from two years ago to make something happen.
According to NPR, about 43 million borrowers will benefit, and 20 million will have their debt completely canceled. The White House says moms & dads who picked up a Parent PLUS loan for students will also qualify for cancellation under the new policy. Most graduates who already have their income on file will have their debts relieved automatically, while others may have to submit an application to verify income. Sign up to receive notifications for the application release.
In addition to the policy, the White House has also proposed a Public Service Loan Forgiveness for those who have worked at a federal, state, local, tribal government or a non-profit organization for 10 years or more (even if not consecutively). Some of these jobs include veterans, teachers, psychiatrists, food pantry operators, firefighters and more!
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