Democratic Sen. Maggie Hassan of New Hampshire and GOP Sen. Marco Rubio of Florida tried together.
Censors Maggie Hassan, DN.H., and Marco Rubio, R-Fla., following an unusual bipartisan effort by the Department of Education announced On Wednesday, it reformed its Public Service Loan Forgiveness program to allow service members to get their accrued loan forgiveness more quickly.
“Today, the U.S. Department of Education announced changes to the Public Service Loan Forgiveness (PSLF) program, which it will implement next year so that the program can deliver on its promise,” the Department of Education said in a statement. “This policy will result in 22,000 borrowers who have consolidated loans — including previously ineligible loans — immediately eligible for $1.74 billion in forgiveness without requiring further action on their part.”
Prior to the changes, service members who withheld their student loan payments while they were deployed or on extended active duty orders could not count toward their student loan forgiveness.
Earlier this year, Hassan and Rubio introduced a bill called Recognition of Military Service in the Public Service Loan Waiver (PSLF) Act, allows service members who have had their federal student loans deferred or in forbearance during a period of active duty service, to count those months for their public service loan forgiveness.
“Student loans should never be a barrier to entry into public service, including in the military,” Hassan said. “It is a common sense that will support public servants and ensure that they are able to give back without the worry of student loans.”
“Borrowers who devote a decade of their lives to public service should be able to rely on the promise of public service loan forgiveness,” said Education Secretary Miguel Cardona. “The system has not delivered on that promise to date, but it is about to change for many borrowers who have served their communities and their countries,” he said.
For more information about the changes made by the Department of Education, Click here.