The public service loan forgiveness program is on its way out of the public loans. It has created many jobs in public service. But if the recent turn of events continues in this pattern, public service loan forgiveness application may soon be no more. Slate has the full story.
(Pro Tip: Wondering if you can qualify for student loan forgiveness? Don’t wait for this change to go into effect. Find out if you can qualify for student loan forgiveness with this free guide to qualifying and applying for student loan forgiveness. Learn more here!)
DeVos to Kill a Major Student Loan Forgiveness Program
People who went to grad school, or who are at least thinking about it, are in for extremely unhappy news.
As part of its plan, the Trump administration released its first detailed budget last week. The Department of Education slashed its budget by some $10.6 billion.
The Washington Post reports that the White House will propose ending the federal student loan forgiveness program for public sector and nonprofit workers, and lengthen the amount of time Americans will have to spend repaying their debts on income-based plans if they borrowed to get an advanced degree.
There seems to be some pros and cons at play in the administration’s latest move. Obviously, the elimination of the public service loan forgiveness is program is sad news for anyone wishing to go into public service and/or have his or her student debt repaid. What sounds like good news, however, is the extension of time given for student debt repayment. But such extension of time, as usual, involves more interest, as opposed to complete forgiveness of student loan debt.
RT @FAFSA Remember: Borrow only what you need! It is OK to accept less #studentloan money than a school offers. pic.twitter.com/b96UO3VKct
— El Camino College (@ECC_Online) June 8, 2017
How Important is Public Service?
The public service loan forgiveness program has undoubtedly helped many. No wonder the administration’s latest move has baffled those with student loan debt or even caused some to be indignant.
While the public service loan forgiveness program is not the only student loan forgiveness program out there, it has the widest scope for loan cancellation. Moreover, public service is among the sectors of society that inspires many to continue helping people. It simply begs the question: why kill a student loan forgiveness program that encourages people to uplift the condition of the country?
The Irony in Governance
If the government pushes through with this decision, not only will student debts reach (once again) an all-time high. But, the government, an institution founded on public service, may (ironically) put itself in a precarious situation.
Public service is needed now more than ever. Individuals who gained knowledge and seek purpose are the best people to serve this country.
Watch this video from The Dave Ramsey Show for more information on the public service loan forgiveness program:
If you want to know more about the public service loan forgiveness program, check out our Public Service Loan Forgiveness Program guide. What do you think about President Trump’s latest move? Let us know in the comments below.
what paperwork is required for loan forgiveness