The US Department of Education announced major changes to a federal student loan forgiveness program that the agency says could bring relief to thousands of borrowers working in government and nonprofit sectors.
Through the Public Service Loan Forgiveness program, the government forgives remaining federal student loan debt for qualifying public-sector workers after they have made monthly payments for 10 years. But the program has long been criticized for being difficult to navigate, with borrowers receiving little help from their loan servicers, the companies that handle billing and other services.
These issues include confusion about eligibility requirements and the correct types of federal student loans and repayment plans, as well as instances of miscommunication between the Education Department and the loan servicers, and between the servicers and borrowers."Borrowers who devote a decade of their lives to public service should be able to rely on the promise of Public Service Loan Forgiveness," said Education Secretary Miguel Cardona in a statement Wednesday.
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