From Slate’s Money Box: “Trump’s Budget Would Kill a Major Student Loan Forgiveness Program, but Only for New Borrowers.”
As was widely expected, President Trump’s new budget calls for eliminating a major student loan forgiveness program designed to help government and nonprofit workers, such as lawyers, teachers, and social workers.
Those who have already taken on debt for school may not need to worry for now, however, because it appears the administration only wants to end the program for new borrowers.
The White House is proposing an overhaul of the student lending system that would streamline many of the options the government currently offers borrowers for paying down their debts. As part of those reforms, it would end the Department of Education’s Public Service Loan Forgiveness program, or PSLF, which wipes borrowers’ balances after they spend 10 years working either for a government or nonprofit employer.
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