100,000 student loan borrowers may now be eligible for debt cancellation

[LetMyPeopleVote]

This makes me smile

Link to tweet

Almost 100,000 people are now eligible to have their student loan debt canceled, the Department of Education announced Wednesday.

The cancellations apply for people affected by changes in October 2021 to the Public Service Loan Forgiveness program, or PSLF, last year. According to CNN, the total amount of cancellations could reach $2.6 billion. PSLF forgives the remaining balance on federal student loan debt after an eligible public service worker has made 120 monthly payments while working for a qualified employer.

The program was created about 15 years ago but, according to CNN, a very small percentage of people who applied received forgiveness before 2021. Last year, President Joe Biden announced the program would offer expanded eligibility through Oct. 31, 2022, to allow borrowers who previously didn’t qualify to apply for the relief.

The Department of Education is currently in the process of notifying borrowers who may be eligible to apply.

[captain queeg]

1. I just read an article about those who have missed any student loan paymentsv

Have their credit score destroyed for years. Then it went on to how a poor credit score can cause all sorts of problems from getting any kind of loan, getting a new credit card, applying for a job, etc. so many places have access to your credit report and use it as a filter even when whatever you are applying for has nothing to do with finances.

Let’s face it, much of your credit score is due to a persons own actions an inactions. But I think it takes a very long time to improve your score. I rarely think about it nowadays, I doubt I’ll be buying a home or other large expense. The way the score is analyzed is to determine if you are a safe risk to lend money to, but it goes beyond that. When I sold my house years ago and didn’t buy another, just decided to rent from here in out, my score dropped 10 points immediately. They want you to be financially responsible but they also want to see you in debt and making payments. I don’t see why an employer should have that info and use it when considering hiring you.