Tags: Student | loan | forgiveness | debt

MSN Money: Americans Can Erase Student Debt With Public Service Job

By    |   Monday, 02 Sep 2013 11:03 AM

Americans who want to make their student loans disappear may want to consider a public service job.

More than 33 million American workers qualify to have their college loans forgiven because they work in schools, hospitals, firehouses, police stations, city halls, the military or other areas, according to MSN Money.

The Consumer Federal Protection Bureau (CFPB) said, however, that many public service employees do not take advantage of college debt breaks available to them because the programs are too complex or not easily located.

Editor’s Note: New Video Exposes a ‘Great Retirement Heist’

"We estimate that one in four working Americans has a job that meets the definition of public service under this program," said Richard Cordray, director of the CFPB. "Many of these teachers, healthcare workers and other public servants could be eligible to have their college loans wiped out after 10 years."

The CFPB is asking Congress to review the loan forgiveness programs. It also wants employers to make sure their workers know the loan forgiveness programs for public service employees are available, MSN Money said.

Employees at state departments of motor vehicles and even accountants at non-profit arts groups qualify for the programs, and so do 6.8 million people who work in education, according to MSN Money.

"The demand for nurses, police officers and social workers faces similar supply problems thanks to low starting salaries. The government is willing to help them out, but it seems content to just let student loan cash flow to big lenders instead," MSN Money stated.

Outstanding student debt in the United States is approaching $1 trillion and causing a drag on the economy, CBS Moneywatch reported.

"People give up higher incomes to serve their city, their state, or their country," Cordray said in a call with reports, according to Moneywatch. "We believe that people who contribute part of their talents, part of the benefits of their education, to society as a whole should not be mired in debt because they stir themselves to the calling of public service."

Cordray said he hopes higher awareness of the plans, such as the Public Service Loan Forgiveness Program, will prompt more students into pursuing careers as teachers or nurses — just two of the public service jobs facing a giant shortfall of qualified workers over the next 10 years.

Editor’s Note: New Video Exposes a ‘Great Retirement Heist’

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
FinanceNews
Americans who want to make their student loans disappear may want to consider a public service job.
Student,loan,forgiveness,debt
393
2013-03-02
Monday, 02 Sep 2013 11:03 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved