01.31.12

Miller Statement on Streamlined Process for Public Service Loan Forgiveness

 

WASHINGTON, D.C. – U.S. Rep. George Miller (D-CA), the senior Democrat on the House Education and the Workforce Committee, issued the following statement today after U.S. Secretary of Education Arne Duncan announced a new, streamlined application process for the Public Service Loan Forgiveness program.  Eligible public service workers’ outstanding qualified federal student loan balances will be canceled after ten years of on-time loan payments. 

“I applaud Secretary Duncan for making it easier for public service workers to take advantage of the Public Service Loan Forgiveness program. This program is great incentive to encourage the next generation of leaders to serve their local communities and our nation,” said Miller. “By streamlining the process, it will make it easier for veterans, nurses, teachers and non-profit workers to take advantage of the loan forgiveness they are eligible for.”

To better assist borrowers participating in the program, the U.S. Department of Education is releasing a series of materials, including an employment certification form that helps borrowers to keep track of eligible employment and payments. These new materials will allow borrowers to find out now if their job and loan payments will qualify them for loan forgiveness in the future as well as how many payments they have left to make – information that is not currently available.

The Public Service Loan Forgiveness (PSLF) program was established as part of the College Cost Reduction and Access Act (CCRAA) of 2007, coauthored by Miller. To qualify for the program, borrowers must make 120 monthly payments – one a month for ten years – on their eligible federal student loans. The first cancellations of loan balances will be granted in October 2017.        

For more information about the Public Service Loan Forgiveness program, including a detailed Q&A and to download a copy of the streamlined form, visit: www.studentaid.ed.gov/publicservice