Student loan waiver: half a million people to benefit from the repairs, some immediately
WASHINGTON - The promise of a public service debt waiver program was supposed to be simple.
If college graduates are willing to leave the lucrative salary in the private sector to work as teachers and police officers or government employees, any of their federal student loans will be waived after 10 years of payment.
The program has proven nothing but forgiveness. More than a decade after it was founded in 2007, thousands of borrowers have applied for the waiver. The federal government has denied almost all of them.
That should change since this fall.
The Department of Education on Wednesday announced a major overhaul of the debt waiver program that would quickly eliminate ,000 1.7 billion in debt from 22,000 borrowers. The government estimates that about ,000 2.8 billion in d...