New York Attorney General sues loan servicer over handling of Public Service Loan Forgiveness
MARKETWATCH — The loan servicer handling student-debt forgiveness requests is badly bungling the job and misleading borrowers who deserve a clean slate, New York’s attorney general charged in a lawsuit filed Thursday.Approximately 99% of all Public Service Loan Forgiveness applicants have been rejected and FedLoan’s alleged failures are “a significant contributor to the shockingly high rate…
Read More about New York Attorney General sues loan servicer over handling of Public Service Loan ForgivenessAdvice for applying for Public Service Loan Forgiveness
WAMU 88.5 — The Public Service Loan Forgiveness (PSLF) Program was established under the College Cost Reduction and Access Act of 2007. Since the first borrowers became eligible in 2017, only about 1,200 of the 100,185 applications have been approved. If you are hoping to be approved for PSLF, there are steps you can take…
Read More about Advice for applying for Public Service Loan ForgivenessExperts discuss issues with the Public Service Loan Forgiveness program
THE KOJO NNAMDI SHOW — The Public Service Loan Forgiveness Program was supposed to erase the remaining federal loan balance after 10 years for borrowers who devoted their careers to serving others.
Read More about Experts discuss issues with the Public Service Loan Forgiveness programSenator Alexander submits narrow bills to update Higher Education Act
INSIDE HIGHER ED — U.S. senator Lamar Alexander released a package of bills Thursday that would narrowly update the Higher Education Act, including how financial aid is awarded to low-income students. The 169-page bill fleshes out a proposal Alexander, the chairman of the Senate education committee, outlined last week when he blocked the FUTURE Act from…
Read More about Senator Alexander submits narrow bills to update Higher Education ActU.S. Department of Education official testifies on Public Service Loan Forgiveness rejections
MARKETWATCH — The Public Service Loan Forgiveness Program is meant to wipe away student-loan debt for people who work in public-service jobs including law enforcement, teaching and the military. As of 2018, just 1% of borrowers who applied for the program had been accepted. The low approval rate was because of the program’s complexity — not…
Read More about U.S. Department of Education official testifies on Public Service Loan Forgiveness rejectionsA look at the Public Service Loan Forgiveness appeals process
FORBES — Public Service Loan Forgiveness, also known as PSLF, was created to help cash-strapped professionals who want to work for the public good. Unfortunately, this program has turned out to be nothing short of disastrous for those left dealing with red tape and no forgiveness in sight. It’s possible that you have met all the requirements…
Read More about A look at the Public Service Loan Forgiveness appeals processStudy: Connection between student debt and racial wealth gap
INSIDE HIGHER ED — The burden of student loans on young black people is a crisis that requires immediate policy action argues the report released from the Institute on Assets and Social Policy at Brandeis University. The report finds that 20 years after entering repayment, the median white student borrower has paid back 94 percent of their student…
Read More about Study: Connection between student debt and racial wealth gapStudent loan default rate falls again
INSIDE HIGHER ED — Data released by the Education Department Wednesday showed that the share of borrowers defaulting on their student loans has declined for the sixth straight year. Of borrowers who entered repayment in 2016, 10.1 percent had defaulted on their loans by 2018 — down from 10.8 percent from the previous year.
Read More about Student loan default rate falls againNew project to develop best practices for communicating the cost of college
EDUCATION DIVE — A new project from the Hope Center aims to help colleges better communicate with students about cost while equipping them to be their own advocates.
Read More about New project to develop best practices for communicating the cost of collegeHouse Committee conducts hearing on Public Service Loan Forgiveness Program problems
POLITICO — Democrats are holding the hearing on the public service loan forgiveness program as complaints about rejections have made it to the 2020 presidential campaign trail. Nearly every Democratic contender has made expanding or fixing the program a part of their education plan.
Read More about House Committee conducts hearing on Public Service Loan Forgiveness Program problems