While the Supreme Court is still deciding on mass student loan forgiveness, nearly 40,000 student loan borrowers in Texas have been approved via the Public Service Loan Forgiveness program.
The PSLF program allows public employees such as teachers, firefighters, and members of law enforcement, as well as those who work for a variety of non-profit organizations, to apply for forgiveness after making 120 qualifying monthly payments.
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After the initial 120 payments are made, the remaining federal student loan balance for those who qualify is forgiven.
“Between October 2021 and May 2023, the Department has approved more than 39,000 borrowers in Texas for more than $2.6 billion in loan forgiveness under temporary changes the Biden-Harris Administration made to the PSLF Program. That’s nearly $68,000 per borrower,” according to U.S. Department of Education officials.
In a press release, the U.S. Department of Education said it has approved nearly 616,000 borrowers nationwide for approximately $42 billion in PSLF loans.
“The difference that Public Service Loan Forgiveness is making in the lives of hundreds of thousands of Americans reminds us why we must continue doing everything we can to fight for borrowers and why families cannot afford to have progress derailed by partisan politicians,” said U.S. Secretary of Education Miguel Cardona.
The DOE is also announcing that for the first time, borrowers can now sign and submit their PSLF forms digitally and closely track their status through the process.
If you believe you might qualify for PSLF you can learn more at StudentAid.gov/publicservice.