Share to Twitter Share to Linkedin Last week, the Department of Education announced huge changes to Public Service Loan Forgiveness (PSLF) , a troubled federal student loan forgiveness program. Through systematic reforms, the Biden administration will temporarily ease requirements that had limited PSLF eligibility to only certain types of federal student loans and certain repayment programs. Once the changes are implemented, the PSLF program will effectively be temporarily expanded by including more types of federal student loans (such as FFEL loans and federal Perkins loans) and most types of payments made under any available repayment plan. The result will be a major expansion of the program that could ultimately benefit nearly 600,000 student loan borrowers, according to the Department of Education. But despite the significance of the Biden administration's actions, a number of borrowers and student loans will still be excluded from the PSLF changes. Here's an overview. Parent PLUS Loans Excluded From New PSLF Relief Parent PLUS loans are a type of federal student loan issued to the parent of an undergraduate student. While the loan benefits the student (the child), the borrower is the parent. Parent PLUS loans generally have higher interest rates and fewer repayment plan options… Read full this story
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These Borrowers Are Left Out Of Biden’s New, Expanded Student Loan Forgiveness have 279 words, post on www.forbes.com at October 11, 2021. This is cached page on IT Breaking News. If you want remove this page, please contact us.