Student loan forgiveness provided for more than 13K Minnesota borrowers

Those who took out student loans and entered a field of public service could be eligible for loan forgiveness.

According to an announcement from the U.S. Department of Education, more than 616,000 borrowers nationwide have been approved for approximately $42 billion in Public Service Loan Forgiveness (PSLF) since October 2021. Of those totals, more than 13,200 Minnesotan borrowers have been included.

The PSLF program covers public employees such as teachers, firefighters, and members of law enforcement, as well as, those who work for a non-profit organization in a variety of fields.

Individuals working in those fields are eligible to be forgiven for their remaining federal student loan balance, if they’ve made the required 120 qualifying monthly payments.

Currently, between October 2021 and May 2023, the Department of Education has approved more than 13,200 borrowers in Minnesota for more than $774 million in loan forgiveness.

This week is Public Service Recognition Week, which celebrates individuals who serve the United States and local communities as employees of federal, state, local, or tribal government.