Soaring student loan debt is a growing concern for many Americans. In June 2010, the total amount of outstanding student loans in the United States exceeded the total amount of outstanding credit card debt for the first time in U.S. history.
As of 2017, student loan debt has grown to
trillion, spread across 44 million borrowers. These numbers underscore the fact that massive student loan debt is a burden not only on students and their families, but also on the economy as a whole. Today, at least two-thirds of graduates enter the workforce with educational debt, which has far-reaching economic and social consequences.
Researchers have found that student
debt burdens hinder innovation and entrepreneurship, and higher debt levels are associated with fewer small businesses. The pressure to repay large loans also keeps many students away from lower-paying but vital careers such as public service overseas chinese in australia and social work. But this is not just an economic issue. A growing body of research links student loan debt to worse mental health and emotional well-being.
A recent two-part series on the podcast Death
Sex, and Money interviewed many students how to choose the perfect digital contractor who won’t screw you over or let you down and graduates who are suffering from severe anxiety, depression, and shame due to financial stress. One way to alleviate student debt is loan forgiveness, and there are currently many federal programs available. of the U.S. workforce may be eligible for repayment or loan forgiveness, but many people are unaware rich data that these options exist. Below, we’ll help you navigate and answer some of the most pressing questions about a popular loan forgiveness option for public sector workers. What exactly is the Public Service Loan Forgiveness Program?
The Public Service Loan Forgiveness
Department of Education in 2007 to encourage students to pursue careers in the public service. For example, a student who wants to become a public defender may be more willing to take out loans to pursue a law degree, knowing that the loans will be forgiven over time. The Department of Education describes PSLF as a “broad, employment-based federal student loan forgiveness program” that allows anyone who works full-time for an eligible employer to have their loans forgiven after 10 years (a total of 120 payments) of on-time monthly payments.