04/05/2024

Changes are Coming to the Public Service Loan Forgiveness Program

Here's what certain nonprofit workers need to know

Soon teachers, social workers and other public servants will have an easier time navigating a popular federal student debt relief program.

Starting in May, the U.S. Department of Education will move away from having one contractor manage the Public Service Loan Forgiveness program. Instead, the agency will manage the debt relief effort through StudentAid.gov, the central hub for federal financial aid. The transition will help the department keep a closer eye on a program that has been criticized for being exceedingly complex and poorly managed.

Created in 2007, the PSLF program cancels the remaining loan balance of borrowers who work in certain nonprofit or government jobs for 10 years and make 120 monthly debt payments.

Please select this link to read the complete article from The Washington Post.