Student Loan Forgiveness 2024 News And Impact. Public service loan forgiveness, a program established by congress in 2007 that allows a variety of workers in the public and nonprofit sectors to have their student loans canceled after 10 years. President joe biden recently announced a sweeping package of student debt relief that forgives as much as $20,000 in loans for some recipients.
Another round of forgiveness was announced thursday, bringing the total amount of student loan cancellation to more than $175 billion for nearly 5 million people since president joe biden. The largest is a $145 billion increase that’s partly due to changes the biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some.
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