Washington, D.C. — U.S. Senators Marco Rubio (R-FL) and Maggie Hassan (D-NH) launched bipartisan laws to expedite student loan forgiveness for service members. The Recognizing Military Service in Public Service Loan Forgiveness (PSLF) Act would permit service members who pause their student loan funds whereas deployed or on prolonged lively obligation orders to rely that time period towards their PSLF progress – which is at the moment not allowed. A one-pager of the laws is accessible right here
 
The Recognizing Military Service in PSLF Act is cosponsored by Senators Tim Kaine (D-VA), Kevin Cramer (R-ND), Jack Reed (D-RI), Lisa Murkowski (R-AK), and Tammy Duckworth (D-IL).
 
“Currently, active-duty members of the military who pause student loan payments during a deployment get the short end of the stick when it comes to benefitting from the Public Service Loan Forgiveness program, ” Rubio mentioned. “This shouldn’t be the case — our service members make an incredible sacrifice to serve our country, and we should do everything in our power to recognize their service and provide them with the option for loan forgiveness.”
 
“Service members take enormous risks to protect our freedoms, and it is unacceptable that members of the military can return home after active duty and not be any closer to receiving loan forgiveness,” Hassan mentioned. “This bipartisan bill is a commonsense fix to help some of our country’s most deserving public servants get out from under the burden of their student debt more quickly. I will continue working to find common ground to better support our service members and veterans, and I look forward to working with Senator Rubio to move this important legislation forward.” 
 
Background:
 
Service members are eligible to enroll in Public Service Loan Forgiveness, which permits them to have their loans forgiven after ten years of qualifying funds. Right now, when eligible service members place their loans in deferment or forbearance throughout deployment, that interval of service doesn’t rely towards their 10 years of qualifying funds. The Senators’ bipartisan invoice would change this coverage and permit service members who defer or forbear their federal student loans throughout a interval of lively obligation service to rely these months towards their Public Service Loan Forgiveness progress, which can permit them to obtain the loan forgiveness that they’ve earned extra shortly. 
 
The Government Accountability Office just lately launched a report recommending enhancements to assist be certain that service members can successfully entry the Public Service Loan Forgiveness program and this laws builds on these efforts.

READ:   Student Loan Debt Statistics - Updated March 2021