The Public Service Loan Forgiveness (PSLF) program was established in 2007 to provide debt relief to nonprofit and government agency employees. The program’s goal was to forgive the student loans of borrowers after they made 120 qualifying payments (10 years of payments). However, the program’s approval rate was low, with only around 7,000 borrowers approved …
In April 2022, the Department announced one-time improvements to address historical inaccuracies in the count of payments that qualify toward forgiveness under IDR and practices by loan servicers to put borrowers into forbearance in violation of Department rules. As a result of these past failures, borrowers who were in repayment for 20 or 25 years or …
The Department of Education announced a set of proposed changes to federal student loan programs. It is interesting to note what is missing here. The two biggest fixes that are needed are the restoration of the discharge of student loan debt in bankruptcy as a regular debt and a fix for the spousal consolidation loan …
Many people don’t realize while I’ve been a consumer debt expert since 1994 I am also an airplane pilot for the fire department. So public service issues are near to my heart. There has been a great uproar regarding the Public Service Loan Forgiveness program offered by the Department of Education since 2007. That program …
The Public Service Loan Forgiveness federal student loan forgiveness program was designed to attract good people into lower-paying fields that serve the public good. These fields include teachers, firefighters, law enforcement, military, low-income medical care, etc. While President Bush created the program, it was all but murdered under President Trump. As a result, people that …
Question: Dear Steve, I am a Federal Family Education Loan recipient. I had a 63,000 loan in the nineties and consolidated it. I went into default, and Ascendium Education Group garnished my wages at the public defender’s office for 12 years. I worked there for 14 years. They garnished over $180,000. I recently received a …
