Public Service Loan Forgiveness (PSLF) was a program designed by the Federal Government to “Forgive” the student loans of those who worked in public service industries after 120 qualifying payments.
For starters, the PSLF program is confusing. Student loan borrowers must become student loan experts to understand if they even qualify. People who think they qualify for PSLF are quickly finding out they actually do not.
What sort of cuts were on the table? The budget proposal included cuts to income based repayments and billions in grants according to, Student Loan Hero.
Using the Income Based Repayment program, borrowers could make payments for 20 years then have their balance forgiven. Or of course, if they work in the public sector after 10 years could have their balance forgiven too.
Sure, you can invest, save and plan for the future and wait it out when it comes to student loans and forgiveness. But with so many variables and the threat of defunding, just paying off student loans might be worth it.