Biden administration vows to fix a student loan forgiveness program
The Biden administration says it’s taking steps to fix an embattled student loan forgiveness program.
The Department of Education says the fixes will immediately erase $1.7 billion of debt for 22,000 borrowers. An additional 27,000 borrowers could get $2.8 billion in debt relief if they can prove employment in an eligible job.
These would be significant steps forward for the Public Service Loan Forgiveness Program that -- in 14 years of existence -- has erased the debt of a mere 5,500 borrowers nationwide.
Over that time, reports are that many borrowers who didn’t qualify went years thinking they did qualify, until they were told otherwise.
Joining “All Things Considered” to talk more about this was Bruce Adams, president and CEO of the Credit Union League of Connecticut.