Edited release
05/09/23
The U.S. Department of Education announced it has approved over 6300 Iowans, and nearly 616,000 borrowers nationwide, for approximately $42 billion in Public Service Loan Forgiveness since October 2021.
The Forgiveness program covers public employees such as teachers, firefighters, and members of law enforcement, as well as those who work for a non-profit organization. Those who make the required 120 qualifying monthly payments have the rest of their federal student loan balance wiped out.
The Department says Iowa’s student loan forgiveness portion is approximately $335 million, more than $52,000 per borrower.
The Department of Education has also announced that borrowers can now sign and submit their forgiveness application forms digitally and closely track their status through the process.
The announcement was made to commemorate Public Service Recognition Week, which celebrates individuals who serve the United States and local communities as employees of federal, state, local, or tribal government.