Think the PSLF Program You Signed Up for Will Forgive Your Loan in 2017? Not So Fast

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Think the PSLF Program You Signed Up for Will Forgive Your Loan in 2017? Not So Fast

Dec, 8th 2016

Almost no one will qualify for a program that forgives the debt of borrowers who have worked in public service for a decade next year, the first year that forgiveness becomes available, the government predicts.

President George W. Bush signed the Public Service Loan Forgiveness program (PSLF) into law in 2007 as a way for student loan borrowers to pursue sometimes low-paying public service jobs, ranging from teaching to medicine, without having to worry as much about their debt.

But when calculating the costs of the program, Department of Education staffers assumed that it’s unlikely borrowers will have made enough payments to qualify for forgiveness the first year it’s available, according to a report released by the Government...

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