President Trump will sign an executive order today limiting eligibility for the Public Service Loan Forgiveness (PSLF) program. This action targets organizations deemed to be engaging in illegal or improper activities, according to the President’s remarks from the Oval Office. The PSLF program, enacted in 2007, forgives federal student loans for qualifying government and non-profit employees after a decade of payments. This move follows Trump’s broader crackdown on immigration and diversity initiatives, sectors where many affected non-profits operate.
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In his final weeks in office, President Biden’s administration announced an additional $4.28 billion in student loan forgiveness, benefiting 54,900 public service workers. This latest relief stems from improvements to the Public Service Loan Forgiveness program and brings the total forgiven under Biden’s presidency to nearly $180 billion for 4.9 million borrowers. Despite this significant action, broad-based student loan forgiveness initiatives have faced consistent legal challenges from Republicans.
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I have never personally experienced the burden of student loans, but I have taken out various loans in my lifetime and understand the weight of debt. The recent news of President Biden forgiving $1.2 billion in student loans is a step in the right direction towards alleviating the financial strain that many Americans face. This is not about handouts or socialism, as some may argue, but rather about rectifying a broken system that has been in place for years.
The Public Service Loan Forgiveness program, initiated by George Bush in 2007, was meant to incentivize individuals to pursue public service roles by forgiving their student loans after ten years of payments.… Continue reading
Biden cancels $6 billion in student loan debt for 78,000 public service workers. The news of President Biden’s decision to cancel $6 billion in student loan debt for 78,000 public service workers has left many feeling relieved and grateful, myself included. As an adjunct community college professor, I have dedicated almost two decades of my life to teaching and guiding students on their academic journey. The burden of student loan debt has weighed heavily on my shoulders, making it challenging to make ends meet at times. The cancellation of $17k in student loan debt has finally provided me with the financial relief I desperately needed.… Continue reading
John Q. Hosedrinker