For workers employed in the public and nonprofit sectors, the Public Service Loan Forgiveness (PSLF) program offers the potential for full forgiveness of federal student loans for those with 10 years of full-time work experience. A year-long waiver issued by the Department of Education in 2021 to address administrative problems in program access…

The Biden administration is implementing a new income-driven repayment (IDR) plan for federal student loans called Saving on a Valuable Education (SAVE). The SAVE plan adds to existing IDR plans and reduces borrowers' monthly payments and shortens the time certain borrowers must repay before their debts are forgiven compared with current options.…

Service-contingent student loan forgiveness and loan repayment programs enable borrowers to have all or part of their student loan debt forgiven or repaid in exchange for work or service in specific fields or professions. In both loan forgiveness and loan repayment programs, borrowers typically qualify for benefits by working or serving in certain…

Over the past decade the concept of taking a gap year has become mainstream in the US. This idea of delaying enrollment, or taking a break from college, before beginning a bachelor's degree, has gained popularity, especially as the cost of attendance in higher education has soared and the burden of paying for it has been placed on the student as…

The Public Service Loan Forgiveness (PSLF) program was established in 2007 and forgives borrowers' remaining federal student loan balances after they have made at least 10 years of qualifying loan payments while working in public service. Starting in September 2017, the first borrowers potentially became eligible for the PSLF program and began…

Starting in September 2017, the first borrowers became eligible and began applying to have their loans forgiven through the Public Service Loan Forgiveness (PSLF) program. The US Government Accountability Office (GAO) was asked to review the PSLF program. This report examines the (1) number of borrowers pursuing PSLF and the extent to which the…

Becoming a teacher takes years of higher education and hard work. The financial and personal costs can be great. The good news is that there are more chances than ever for teachers-in-training and new teachers to reduce their financial burden. There are two main ways students can get financial aid: with loans and with grants. Many students take on…