Faster Student Loan Forgiveness for Public Service Workers
This bill significantly changes the Public Service Loan Forgiveness (PSLF) program for new borrowers. Instead of waiting 10 years for full forgiveness, individuals working in public service jobs can receive partial debt cancellation every two years. This provides faster financial relief and reduces the overall interest burden for those committed to public service careers.
Key points
Partial student loan debt cancellation (15% of the amount due at the start of repayment) every 2 years for new loans, provided the borrower works in public service.
Full forgiveness of the remaining balance occurs after 10 years (120 payments).
Interest relief: All interest accrued during a year in which partial cancellation occurs will also be canceled.
Simplified employment verification: The Secretary must certify employment without requiring borrower submission if data is available.
Status:
Introduced
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