Student loan borrowers pursuing public service forgiveness are 'panicking,' expert says. Here's what to know.
As the Trump administration overhauls the student loan system, many borrowers pursuing the Public Service Loan Forgiveness program are worried about its future.
As the Trump administration overhauls the student loan system, many borrowers pursuing the Public Service Loan Forgiveness program are worried about its future.
“There’s a lot of panicking by PSLF borrowers due to the uncertainty,” said higher education expert Mark Kantrowitz.
PSLF, which President George W. Bush signed into law in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years of payments.
Here’s what borrowers in the program need to know about recent changes affecting the program.
For now, the Trump administration has taken down the applications for income-driven repayments plans from the U.S. Department of Education’s website. The plans cap borrowers’ monthly payments at a share of their discretionary income.
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