Law signed in 2007 under Bush, passed 297-92 and 78-12 in the house and senate.
You have to pay on your loans for 10 years and they'll forgive the last 15. It was done as a way to entice people to stay in lower paying and high turnover fields like police, firefighters, teachers, military, charity workers, non-profit employees, religious workers etc.
While most of the benefactors are going to be local and state government workers, there are people who work for places like St Jude's or animal rescues, pastors at churches etc
The only reason it became political was it only reached maturity in 2018 under Trump and nearly everyone was getting denied due to confusion in how logistically it was supposed to work. Trump's admin eventually figured it out and started forgiving loans for those workers who completed the 10 year agreement. Biden is only continuing the program as intended. Trump is expected to do the same again.
There's little motion to disband the program because it's mostly government and taxpayers getting the benefit as the lower training costs due to turnover, lower salaries and greater stability in government end up being a net positive over the remaining loan and interest payments
This is very very different than the "lol let's forgive 20K just because" Biden plans of 2021
ooooh.... only for those in public service..... I see.......
Yeah Public service loan forgiveness program
Law signed in 2007 under Bush, passed 297-92 and 78-12 in the house and senate.
You have to pay on your loans for 10 years and they'll forgive the last 15. It was done as a way to entice people to stay in lower paying and high turnover fields like police, firefighters, teachers, military, charity workers, non-profit employees, religious workers etc.
While most of the benefactors are going to be local and state government workers, there are people who work for places like St Jude's or animal rescues, pastors at churches etc
The only reason it became political was it only reached maturity in 2018 under Trump and nearly everyone was getting denied due to confusion in how logistically it was supposed to work. Trump's admin eventually figured it out and started forgiving loans for those workers who completed the 10 year agreement. Biden is only continuing the program as intended. Trump is expected to do the same again.
There's little motion to disband the program because it's mostly government and taxpayers getting the benefit as the lower training costs due to turnover, lower salaries and greater stability in government end up being a net positive over the remaining loan and interest payments
This is very very different than the "lol let's forgive 20K just because" Biden plans of 2021