The Department of Education Has a Chance to Throw a Lifeline to 9 Million Student Loan Borrowers. It Should not End the PSLF Waiver or IDR Account Adjustment until It Does
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Titel:
The Department of Education Has a Chance to Throw a Lifeline to 9 Million Student Loan Borrowers. It Should not End the PSLF Waiver or IDR Account Adjustment until It Does
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Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 18, 2022 erstellt
Beschreibung:
Millions of federal student loan borrowers have been in repayment for more than a decade and could receive significant debt relief—possibly even total cancellation of their loans—under President Biden’s recent Public Service Loan Forgiveness (PSLF) Waiver and Income-Driven Repayment (IDR) Account Adjustment. But far too few borrowers have been able to access these programs. For those who have been able to access it, the Department of Education’s (ED) temporary overhaul of PSLF has been a huge success, beginning remediation of years of servicer misconduct that resulted in a 98 percent rejection rate for those who applied for loan relief through the program. Launched in October 2021, this PSLF Waiver has already fulfilled the promise of student loan relief for nearly ten times as many borrowers as the standard PSLF program did in close to half a decade. PSLF was enacted in 2007 to provide a pathway to student debt relief for teachers, nurses, social workers, and others who dedicate 10 years of service to the betterment of their communities and country. Given its noble origins, it is bittersweet that it took an entire programmatic overhaul for PSLF to bear real fruit for borrowers