Robert Besser
04 Dec 2021, 07:35 GMT+10
WASHINGTON D.C.: Earlier this month, the federal Education Department announced it is canceling another round of student loan payments, adding that those eligible are now being notified via email.
The new round will cancel loans worth $2 billion, reported Yahoo Money.
According to Fortune, the initiative is part of an overhaul of the Public Service Loan Forgiveness program, which grants loan relief to teachers, social workers, firefighters and other public servants.
According to NPR, those eligible will have their loans forgiven after 10 years of making payments, but poor communication and paperwork mistakes have left many unable to benefit.
In addition to granting immediate relief to many borrowers, the Education Department also modified the application process for the program to make it easier for people to apply.
In a tweet, Education Secretary Miguel Cardona said some 30,000 people will benefit from the current round of write offs, including members of the military and veterans.
Fortune reported that President Joe Biden announced plans to write off over $11 billion in student loan debt since taking office, adding that the Education Department previously announced it would forgive $5.8 billion in student loan debt for 323,000 borrowers with total and permanent disabilities that prevent them from working.
The department also granted relief to borrowers who attended defunct schools that used deceptive or illegal practices.
The current round of write offs benefited over 188,000 people with debt totaling $2.6 billion.
However, Fortune noted that most borrowers will still not see any relief, as the many rounds of write offs represent a fraction of overall student loan debt in the U.S., totaling some $1.8 trillion held by 43 million people.
Get a daily dose of Australian Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Australian Herald.
More InformationLAHAINA, Hawaii: This week, officials are expected to begin lifting restrictions on entry to the burn zone in Lahaina, Hawaii, ...
LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...
GAINESVILLE, Florida: Local police report stopping children, ages 10 and 11, who had driven their family car 200 miles, in ...
Washington, D.C.: This week, the U.S. Court of Appeals for the Federal Circuit suspended 96-year-old Judge Pauline Newman from hearing ...
NEW YORK: On Tuesday, former U.S. Congressman Stephen Buyer was sentenced to 22 months in prison for trading on inside ...
NEW YORK: This week, the Virginia-based Students for Fair Admissions, founded by affirmative action opponent Edward Blum, sued the U.S. ...
© Provided by Xinhua Afghan players, while passionate about rugby, held diverse professions, from construction workers to drivers. Without official ...
The US will try to ?drag? Japan and South Korea into the bloc within the next five years, Viktor Sobolev ...
Indore (Madhya Pradesh) [India], September 25 (ANI): After India put the finishing touches on a thumping 99-run win over Australia ...
Mike Pezzullo, one of Canberra's most powerful and certainly most controversial public servants, cannot survive the revelation of the trove ...
New Delhi [India], September 25 (ANI): India middle-order batter Shreyas Iyer thanked everyone "who stood by him" following a match-winning ...
The Wallabies have suffered a record-breaking defeat to Wales at the Rugby World Cup. This represents Australia's worst result in ...