Blog

Student Loan Forgiveness: Available for Many, Used by Few

By Ethan Senack
Higher Education Associate

A few weeks ago, I went on HuffPost Live to talk about current student loan forgiveness programs and the stunning lack of public knowledge about them.

The Consumer Financial Protection Bureau (CFPB) recently released a report showing that more than one-quarter of America’s workforce – more than 33 million people – is eligible for public service student loan forgiveness. The program allows for the cancellation of some or all of a person’s federal student loans, provided they meet certain qualifications. However, only a tiny fraction of the workforce is actually making use of the program.

To take a step back and put this in context, two thirds of college students graduate with debt, and among them, the average debt level is $26,000. There are 37 million borrowers with outstanding loan balances – and 5.4 million of them are past due on their bills. Even worse, one in ten students can’t make up their late payments and defaults on their student loans – destroying their credit and hindering their ability to find a home, buy a car, or secure a job.

Public service jobs are critical for our nation’s future - from teaching our kids to keeping our communities safe – and many college grads are eager to put their new skills to work in these kinds of careers. But crushing levels of debt often make it too hard for them to keep their heads above water if they choose a public service job.

In the days following my interview, I received a number of emails from people who work in public service jobs and are struggling financially because of their student loans. Most telling was that the majority asked, “Is there a program that can help me?”

For more than 33 million Americans, the answer is yes. Right now, there are eight different federal direct loan forgiveness programs – the most relevant of which is the Public Service Loan Forgiveness Program. This program offers full direct loan forgiveness after 10 years of payments for anyone employed in a widely-defined “public service position.”

But few people know that.

It’s clear that we need to do a better job of informing the public about the programs that are available. That’s especially true when the people that need them most are the foundation of our country: teachers, healthcare workers, police officers, military personnel and non-profit workers.

We can’t afford a generation of Americans buried in debt. And we can’t afford NOT to use the programs that are already in place in order to keep that debt manageable - especially if it means we’re making public service jobs an unaffordable career path.

We applaud the CFPB for creating a toolkit to help public sector employers get their employees enrolled. We need to take more steps like that to get the message out.

See this post on http://www.huffingtonpost.com/ethan-senack/student-loan-forgiveness_b_4136550.html for a shareable infographic.

 

Comments

Where can we find further information about the eight federal loan forgiveness programs? Official websites, eligibility requirements, application procedures, and so on, would be very helpful.

South Africa is brimmed with the excitement and joy of World Cup and if you want to be a core fan of any team then it is time to know about the best teams. I would prefer Spain due to many reasons which will convince you also.
http://rosie.besaba.com/alfamart-official-partner-merchandise-piala-duni...
http://maskodoq.blogspot.com/2013/07/CiptoJunaedy.html
http://maskodoq.blogspot.com/2014/03/unit-link-terbaik-di-indonesia.html
http://etnisjawa.blogspot.com/2013/08/apakah-cipto-junaedy-bohong.html
http://rosie.besaba.com/situs-online-terbaik-terpercaya/

Close Corporate Tax LoopholesMaking corporations pay the taxes they owe.
Consumer ProtectionLooking out for consumers, from bank fees to toxic toys.
Fight High Rx Drug CostsWorking to end Big Pharma's "Pay for Delay."
Government AccountabilityThrough transparency, shaping a government accountable to the people.
Higher Education ProjectMaking higher education affordable.
Making Health Care WorkFighting to control the skyrocketing cost of health care.
Public TransportationAdvancing transit infrastructure for our future.
Reclaim DemocracyStanching the flow of special interest money in our elections.
REINING IN WALL STREETStanding up to reckless banking and financial practices.
Safe EnergyReducing the risks our aging nuclear plants pose to public safety.
Safeguarding Public HealthAdvocating for safer food, drugs, medical devices and other products.
Stop Subsidizing ObesityEnding wasteful agricultural subsidies for junk food.
See all issues
Kaisarbet.com Agen Bola Terpercaya Piala Dunia 2014
http://pelopor.besaba.com/kaisarbet-agen-bola-terpercaya
http://memorikisahlalu.blogspot.com/2014/03/agen-bola-piala-dunia.html
http://ladang-maya.blogspot.com/2014/04/agenbola.html
http://kabarandalan.blogspot.com/2014/04/agenbola.html
http://dipucuk.blogspot.com/2014/04/agenbola.html
http://tvk.hol.es/01
http://tvk.hol.es/02
http://j.mp/1mw2hzP
http://j.mp/P43O1Q
http://bit.do/kaisarbet
http://qy.fi/pialadunia

http://clorot.blogspot.com/2014/04/kursus.html "/>kursus seo dan internet marketing terbaik di Jakarta

I have not much time to visit many websites. But today I found this site accidently. I explored much information which is useful to my life. Thanks! Prediksi Bola

Public service jobs are critical for our nation’s future - from teaching our kids to keeping our communities safe – and many college grads are eager to put their new skills to work in these kinds of careers. But crushing levels of debt often make it too hard for them to keep their heads above water if they choose a public service job.
http://etnisjawa.blogspot.com/2014/07/gudang-situs-online-terbaik-terper...
http://etnisjawa.blogspot.com/2014/07/agen-texas-dan-domino-online-indon...
http://rosie.besaba.com/pokrstar88/
http://rosie.besaba.com/cipto-junaedy-dan-karyanya/
http://dirosie.com/800/singgasana-hotels-resorts-pilihan-akomodasi-terba...
http://vacationsbythebeach.com/gudang
http://rosie.besaba.com/pokrstar88/
http://dirosie.com/800/singgasana-hotels-resorts-pilihan-akomodasi-terba...

It is essential that friends and family are about during a health crisis as they could assist reverse the disaster of the circumstance, otherwise improve the person? s problem. Yet that does not signify that only these individuals could deal with a terminally unwell person. In some cases, household could be the very best or the worst resource for palliative therapy, provided their disposition and absence of encounter. This is the reason why the alternative of hospice care alreadies existing. And unlike exactly what a lot of would certainly think about it, there are in fact a variety of upsides to the service that is significantly threatened.

http://www.lvhandbagsca.com/ Louis Vuitton Handbags Canada

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.
http://goo.gl/Ltaf1w
http://goo.gl/CBy6ok
http://goo.gl/v4h3vu
http://goo.gl/W18zvU
http://goo.gl/YkQUe4
http://goo.gl/3AR4Yn
http://goo.gl/CfMSCN
http://goo.gl/gQfGyg
http://goo.gl/AKZ5uC
http://goo.gl/6Du9vL
http://goo.gl/5Rw9kG
http://goo.gl/NvDCfi
http://goo.gl/rWpFgu
http://goo.gl/LTwuVQ
http://goo.gl/BkTrFg
http://goo.gl/KwfmBX
http://goo.gl/2PW0yM
http://goo.gl/oMC4TX

Wow! What an eye opener this post has been for me. Very much appreciated.
Pc All Game

I agree with you Diar, this is what i looking for. I want you to know, i search about this every where and just found it here,,,Nice, i hope you always success...
Decoder TV Kabel Berbayar Piala Dunia 2014 dan juga Decoder TV Kabel Berbayar Piala Dunia 2014
quote-net | Cara Membuat | Dessain Interior | Tips serta KIB | Komunitas Internet Banjar

Hey there thanks for showing me this. I must say that your blogpost was the most enjoying read I've seen in a long time. Greetings from personal trainer berlin
businessaffaires.org |

Always thinking to do the same thing again and again , i am very thankful that i found this one..
www.kids2prosports.org |

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Obama administration to put an end to the worst practices.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.