Biden Administration Suspends Student Loan Forgiveness Processing For Key Program [Forbes]
Nelnet, Inc. (NNI)
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Source: Forbes
White House in Washington, DC, on June 30, 2023. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images) The Biden administration announced this week that it will pause student loan forgiveness processing under a key program. The suspension is part of a broader transition, whereby the Department of Education will be taking over the administering of several student loan forgiveness programs from contracted loan servicers. During the pause, borrowers can submit student loan forgiveness applications, but will not receive any discharges until the transition period is complete. Here's what's going on, and what borrowers need to know. Student Loan Forgiveness Processing Suspended For PSLF As Big Changes Are Made The processing pause pertains to the Public Service Loan Forgiveness program. PSLF can provide student loan forgiveness for borrowers working in nonprofit or public-sector jobs in as little as 10 years. The Biden administration has implemented a number of sign
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