While blanket student loan cancellation is getting all the media attention right now, there’s much more happening behind the scenes, especially as the federal government looks to revamp Public Service Student Loan Forgiveness. We’ve written previously about steps the Department of Education has taken towards student loan reform, and further progress they hope to make, but now it appears that the Senate may look to make some improvements of their own.
The PSLF program was created by Congress in 2007, but—since then—they’ve left practical concerns to the Dept. of Ed. to implement. Now, Congress may be poised to expand and simplify the existing PSLF legislation, which could broaden its availability to borrowers and shorten the amount of time to achieve.
The proposed act—from two Democratic senators (RI & OR)—would expand PSLF in several ways, but would also halve the time it takes borrowers to get their student loans forgiven. It would:
This bill, however, has a long way to go before it can become law. If you have any questions about how to best manage your student loan repayment until then, we’re always here to help!
