Under Trump's proposed budget, the Public Service Loan Forgiveness program would be eliminated.program is a federal program created by President George W. Bush that forgives federal student loans for borrowers who are employed full-time in an eligible federal, state or local public service job or 501 non-profit job who make 120 eligible on-time payments over ten years.
The proposal would impact borrowers who borrow a new student loan starting July 1, 2020, excluding borrowers who are completing their current course study. Therefore, if you borrow or have borrowed a student loan prior to that date, you would presumably still be eligible for this student loan forgiveness program.
for federal student loans, which causes confusion for student loan borrowers. Income-driven repayment plans such as PAYE and REPAYE enable borrowers to repay their federal student loans based on income, family size and other factors, and can result in student loan forgiveness. Trump's repayment plan would reduce the number of income-driven repayment plans to one, and offer student loan forgiveness for both undergraduate and graduate federal student loans.Monthly student loans payments would be capped at 12.5% of income. After 15 years of monthly payments, any remaining student loan debt would be forgiven. This is five years earlier than current income-driven repayment options for undergraduate student loans.Monthly student loans payments would be capped at 12.
Source: Education Headlines (educationheadlines.net)
This would simplify student loan options going forward. but eliminating PSLF would curb borrowers from entering public service jobs.
There should be better opportunity for higher studies but less financial burden for telanted students.
realDonaldTrump please do it now! Students must pay back their obligations! End student loans!
You borrowed the money. Borrowed! Pay it back! Pay back, in some form, what you borrowed!
Um, no. Nope. No.
45,000 dollars paid off. Thought I was in the clear. Then it went into default hit my credit 7 times because I owed $300.00 When I was told over the phone my loan was paided off. It ruins lives. Worst move I ever did was go to College
gubula2012 the student is in trouble whichever way you look
Trump's a man who has never needed 6 do-overs, so this makes sense.
Trump's a man whose never needed 6 do-overs, so this makes sense.
What a nice guy.
The number of people that have successfully been able to have loans forgiven through public service is abysmally low. This program is too narrow in scope to be impactful to any meaningful extent at this point anyway.
Oh file bankruptcy ahhh u cant on student loans lololol
This will not effect those of Nordic descent, only the 'underprivileged' in America.
The fine print. It is really the crook forgiveness program.
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