MADISON, Wis. — One Wisconsin Institute and Student Loan Debt Crisis, leading advocates for student debt and higher education loan reform, have joined together to mobilize support for and help borrowers participate in the Public Service Loan Forgiveness Program (PSLF) with online resources at ProtectPSLF.org.
PSLF was signed into law in 2007 to help borrowers who pursue public service occupations like teaching or public safety or working for qualifying charitable, non-profit organizations. However, the program is under threat of elimination by Donald Trump and billionaire Betsy DeVos in charge of the Department of Education that administers the program.
“Hard working Americans who took on the personal responsibility to pay for their educations ought not be disqualified from occupations like teaching, nursing or public safety because of student loan debt,” commented One Wisconsin Institute Program Director Analiese Eicher. “PSLF can help stop that from happening.”
Under the terms of PSLF, borrowers can have a portion of their loan forgiven if they make regular student loan payments every month for ten years while working in a qualifying public service occupation.
The jointly produced website provides users with information about how to qualify and participate in the program, the opportunity to share their story and also to contact their federal elected official to advocate for the program.
Today in the United States there are over 43 million Americans with over $1.4 trillion in student loan debt. Research consistently finds these levels of debt, exceeding all other consumer debt save for home mortgages, are an economic albatross leading to reduced rates of homeownership, new car purchasing, saving for retirement among the negative economic consequences.
Student Debt Crisis Executive Director Natalia Abrams concluded, “We need to move forward with solutions to the massive economic crisis of student loan debt, like mobilizing to save and encouraging more people to participate in programs like PSLF.”