STATEMENT: Changes to Loan Forgiveness Program Begin To Make Good on America’s Promise to Student Borrowers Who Serve the Public Interest
Washington, D.C. — Today, the Biden-Harris administration unveiled a series of changes to the Public Service Loan Forgiveness (PSLF) program. According to the Department of Education, these changes put more than 550,000 borrowers on the right track toward forgiveness. Jared Bass, senior director for Higher Education at the Center for American Progress, issued the following statement in response:
In 2007, the federal government made a promise to provide debt relief to student loan borrowers who serve the public interest for 10 years and make on-time monthly payments. Yet due to a range of problems with the program, too few have received this benefit.
Today’s announcement from the Biden administration begins to make good on that promise, showing true appreciation for the work teachers, medical professionals, service members, and other public servants do to strengthen our communities. Because of this new policy, many borrowers will have greater financial security and be better positioned to support themselves, their families, and their communities.
This is the first step toward making Public Service Loan Forgiveness work for current and future borrowers, but the administration cannot do this work alone. It is critical that Congress, the Department of Education, loan servicers, and other stakeholders work together to achieve long-term solutions for the program and ensure that it operates in the best interest of borrowers and their families.
For more information on this topic or to speak with an expert, contact Colin Seeberger at email@example.com.