That number, however, doesn’t account for the some 40 million people nationwide who may have had their debt reduced or erased entirely under a forgiveness plan Biden announced in August. The report found that the median student debt in the District is $33,175, while the median income of bachelor’s degree holders is $71,842, making the ratio of student debt to income around 46%. ranks higher than most other cities for residents overleveraged by student debt, according to a WalletHub report in May. The program forgives the remaining balance of a direct loan for qualifying borrowers while they are working full time for the government or for nonprofit employers. That applies to loans such as the Federal Perkins Loan or Federal Family Education Loans. That waiver - which is geared toward borrowers who work in public service - adds credit for past payments on loans that wouldn’t otherwise qualify under the program. The relief is thanks to a temporary waiver President Joe Biden added to the Public Service Loan Forgiveness Waiver Program last fall. Mayor Muriel Bowser and DISB are working to help applicants with the application process through programming such as workshops and online informational materials. “This is a once-in-a-lifetime opportunity.” “If you’ve worked for a nonprofit, federal, state and local government entity, or if you have served active duty in the military, we encourage you to take advantage of this program,” said Karima Woods, the commissioner of DISB. How to get a student loan refund if you paid during pandemic.But the deadline to apply for forgiveness is coming up on Oct. Department of Insurance, Securities and Banking (DISB). ![]() ![]() Business & Finance Click to expand menu.Ī career in public service could pay off for some federal student loan borrowers - a program with an upcoming deadline could help some D.C.-area workers apply to have their debt waived.īorrowers who have worked in public service for a decade could have their entire student loan debt waived, according to the D.C.
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