Here’s how more Iowans are getting their student loans forgiven

Nearly 9,000 Iowans who work in public service are eligible for a loan forgiveness program through the federal government.

U.S. Department of Education announced Thursday that 77,000 borrows across the country will receive relief.

Who gets student loan forgiveness?

Public service workers are eligible for loan forgiveness due to fixes to the Public Service Loan Forgiveness program. Eligible borrowers sometimes faced logistical issues trying to apply for forgiveness. The changes allowed the Biden administration to approve the $5.8 billion in additional student loan debt relief.

People who work in public service in federal, state, tribal or local governments, as well as nonprofit organizations, can apply for the Public Service Forgiveness loan. The program requires borrowers to make 120 monthly payments under an income-driven or standard payment plan and work for a qualified employer. Any remaining balance can be forgiven after completion of the payments.

How many Iowans get student loan forgiveness?

There are 8,950 borrowers in Iowa have had debt forgiven since October 2021 under the Public Service Loan Forgiveness program.

Nearly 380,000 additional borrowers nationwide who have two years left, or 24 payments, will also receive an email from President Joe Biden reminding them that their remaining balance will be forgiven at the completion of their payment plan.

How much is the forgiveness?

In Iowa, $492 million of student loan debt for public service employees has been forgiven through the program. The total relief from the program is $62.5 billion across the country for 871,000 borrowers since October 2021.

How do I enroll in Public Service Loan Forgiveness?

The program is based on a borrower’s employer. The Federal Student Aid website has a tool to determine if the employer you work for qualifies under the program.

There is also an employer search tool to determine eligibility.

How much is the national student debt?

Americans owe $1.77 trillion in federal and private student loan debt. Approximately 429,000 Iowans owed $13.3 billion in student loan debt in March 2022, according to the Des Moines Register. Iowan’s borrowers represent 13% of the state’s population.

Kate Kealey is a general assignment reporter for the Register. Reach her at kkealey@registermedia.com or follow her on Twitter at @Kkealey17.