Student Loan Forgiveness FOR PUBLIC SERVICE EMPLOYEES PRESENTED BY: KAREN GOODENOUGH, MSW, LGSW, PHD STUDENT TITLE IV-E NATIONAL ROUNDTABLE, 2015

The Consumer Financial Protection Bureau estimates that… Approximately one-quarter of workers in the U.S. qualify for Public Service Loan Forgiveness and fail to take advantage of it.

Several National Programs Eligibility criteria may include:  Type of employment  Number of years employed in a specific area  Timeliness of loan payments  Personal issues and concerns, including illnesses, disabilities, and death

3 Different Ways Programs Work  Back-end forgiveness  Up-front forgiveness  Stipends

Back-End Forgiveness The borrower works for a certain number of years in a certain field, at which point the borrower may apply to forgive his/her remaining student loan balance. Program Example: ◦Public Service Loan Forgiveness Program

Up-Front Forgiveness The borrower works in a certain field and gets his or her loan debt partially forgiven each year, until the balance is $0. Program Example: ◦Federal Perkins Loan Forgiveness Program

Stipends The borrower participates in a national program aimed to increase the number of qualified professionals in a certain field, for which the borrower receives a stipend for student loan repayment. Program Examples: ◦National Health Service Corps (NHSC) Loan Repayment Program ◦Herbert S. Garten Loan Repayment Assistance Program

Discussion  What other national or state level programs are you aware of?  Do you currently share loan forgiveness information with your students or staff? How?  How will you share what you’ve learned today?  What additional resources would be helpful?