About 432,000 borrowers have submitted employment forms demonstrating they would qualify for the federal Public Service Loan Forgiveness program beginning in October 2017, the U.S. Department of Education said Monday.
Borrowers who qualify for the program can have their remaining student loan balance forgiven after 10 years of regular repayment while working in the government or nonprofit sectors. Although borrowers won’t be eligible to have federal loans forgiven until next year, the department’s Office of Federal Student Aid released those preliminary numbers Monday along with other updates to student loan data on its website.
The data released by the department Monday also showed steady growth in enrollment for income-driven repayment plans. As of June, more than 5.3 million direct loan borrowers had enrolled in one of those plans, up 36 percent from the previous year.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2016/08/23/federal-data-show-strong-interest-public-service-loan-forgiveness-income-driven