Political Quotes

“student loan borrowers currently carry about $1.4 trillion in student loan debt. This breaks down to about 44 million borrowers holding student loan debt with an average balance of $30,000. This crushing debt has pushed many borrowers to delay important life decisions, including marriage, having children, or buying homes. Despite that, some still choose careers in public service to give back to their community and support our country. However, the immense burden of student loan debt is not put on pause while individuals choose to forgo other work opportunities to serve our Nation in the military or public service. Recognizing this, the Federal Government established two ways to alleviate some of this burden for those who serve our country. The Servicemember Civil Relief Act protects our servicemembers from interest rates above 6 percent on all loans while they are on Active Duty. This protection extends to both public and private student loans taken out preservice. Public service loan forgiveness encourages people to become public servants by forgiving student loan debt after 10 years of public service, including military service. Under this program; borrowers must enroll in a qualifying repayment plan and make 10 years of payments while working in public service before the loan is forgiven. Additionally, borrowers with Perkins or Federal Family Education Loans must consolidate their loans into a Direct Consolidation Loan.…”