Nearly 22K Michiganders approved for student loan forgiveness

MICHIGAN (WNEM) - The U.S. Department of Education has approved nearly 22,000 student loan borrowers in Michigan for more than $1.4 billion in loan forgiveness since October 2021.

The Department of Education made the announcement on Monday, May 8 during Public Service Recognition Week.

The Department said the Public Service Loan Forgiveness (PSLF) program covers public employees, such as teachers, firefighters, healthcare workers, members of law enforcement, and those who work for non-profit organizations, by forgiving the remaining federal student loan balance for those who make the required 120 qualifying monthly payments.

Since October 2021, the Department of Education has approved nearly 616,000 student loan borrowers across the nation for about $42 billion through the PSLF program.

In Michigan, nearly 22,000 borrowers have been approved for more than $1.4 billion, which is about $66,000 per borrower, the Department of Education said.

“Since day one, the Biden-Harris Administration has worked relentlessly to fix a broken student loan system, including by making sure we fulfill the promise of Public Service Loan Forgiveness for those who have spent a decade or more serving our communities and our country,” said U.S. Secretary of Education Miguel Cardona. “During Public Service Recognition Week—and every week—we thank all those who serve our communities.”

Visit the Federal Student Aid website for more information on the PSLF program.