Jason Edwards, a communications professor at Bridgewater State University in Massachusetts, learned seven years too late that he didn't qualify for public service loan forgiveness. The Providence, Rhode Island, resident had been paying his debt for that long when the dreadful discovery arrived.The public service loan forgiveness program, signed into law by President George W.
The program's problems are complex. Lenders have failed to provide consumers with full, accurate information about the option. And the student loan system is famously complicated. There are some 14 ways to repay your education debt, a web of forgiveness options and a soup of wonky terms such as"forbearance" and"deferment."
Hoping to regain credit for those seven lost years, Edwards quickly applied. Since he'd been paying his student loans for another three years on an eligible plan, he figured he was an extra application away from being debt-free. Even as Congress has poured more money into this fund to help people who've been denied student loan forgiveness simply because they'd been repaying their debt in a"wrong" plan, its reach has proved disappointing. The Education Department has received more than 38,000 requests for the fix-it fund, yet just 262 have been approved. .
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Source: Newsweek - 🏆 468. / 52 Read more »