Are You Eligible for the Public Service Loan Forgiveness Program? Who Knows?!?
The Higher Ed Watch blog has a short discussion/analysis of the newly released Department of Education Final Regulations, which address the new Public Service Loan Forgiveness Program. I’m still learning about this program myself, but from what I gather, the program does not make it clear up front who will be eligible for the loan forgiveness. Borrowers could be working in low-paying jobs for up to TEN YEARS only to find out that they don’t qualify:
In its final rules, the Department did not commit to providing periodic confirmation notices to borrowers about their eligibility. Instead, the agency said that the onus will be on borrowers “to document” their eligibility over time. Department officials said that they do not want to provide borrowers “with a contractual right to the benefit,” as Congress may decide to eliminate the program in the future. Higher Ed Watch hopes that Congress will revisit this issue next year to insure that the program lives up to its promise.