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Biden-Harris Administration Announces Automatic Loan Discharge for Full-Time Teachers
Automatic Discharge for Teacher Loan Forgiveness Program
The Biden-Harris Administration has announced today that it will automatically discharge the loans of teachers who have met the requirements of the Teacher Loan Forgiveness Program. This means that teachers who have taught full-time for five complete and consecutive academic years will no longer have to apply for forgiveness.
Public Service Loan Forgiveness Program Improvements
The Public Service Loan Forgiveness (PSLF) Program is an important program that helps public servants like teachers and government employees pay off their student loans. The Biden-Harris Administration is taking steps to make the PSLF program more accessible and easier to use.
Streamlined Application Process
The new application process for the PSLF program is designed to be more user-friendly and efficient. Teachers and other public servants can now submit their applications directly to the Department of Education, eliminating the need to go through their loan servicer.
Expanded Eligibility
The Biden-Harris Administration is expanding eligibility for the PSLF program to include more teachers and public servants. This includes teachers who have worked at schools that have a high percentage of students from low-income families.
Additional Loan Discharge Options
In addition to the automatic discharge for teachers, the Biden-Harris Administration is also announcing two new loan discharge options:
- A new income-driven repayment plan that will forgive loans for teachers and other public servants after just ten years of service.
- A new program that will forgive the remaining balance on loans for teachers and other public servants who have served for at least five years and who work in high-need areas.
These new loan discharge options will help make it easier for teachers and other public servants to pay off their student loans and achieve financial security.
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