Borrowers have a year to get a second shot at public service loan forgiveness
- If you've been told you're ineligible for public service loan forgiveness, that may no longer be the case.
- Here's what you need to know and do.
People pursuing public service loan forgiveness know how difficult the program can be to successfully navigate. Less than 5% of those who've applied for the relief have been approved.
The U.S. Department of Education announced that it would be giving borrowers who've been excluded from the debt cancellation program — often for a technical reason, such as their federal loan or repayment plan type — another chance to qualify. (The PSLF program, which was signed into law by then-President George W. Bush in 2007, allows nonprofit and government employees to have their federal student loans canceled after 10 years, or 120 payments.) …
More on: www.cnbc.com