More than 13,200 MN Borrowers Approved for Loan Forgiveness
WASHINGTON, D.C. (WJON News) - The U.S. Department of Education announced this week that it has approved federal student loan forgiveness for almost 616,000 borrowers through the Public Service Loan Forgiveness program. That program forgives the remaining federal student loan balance for those who work as teachers, firefighters, law enforcement officers, or work for a non-profit organization after they’ve made the required 120 monthly payments. The program has forgiven about $42 million since October 2021.
Between October of 2021 and May of 2023, more than 13,200 borrowers in Minnesota have received more than $774 million in loan forgiveness. On average, that’s $58,000 per borrower.
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