Students Trust Public Service Loans Forgiveness Program to Aid College Debt

 By Carolyn Deal

Several Stonehill College students said they never heard of the Public Service Loans Forgiveness Program but believe it will help student debt.

“I feel that student loans should be easier to deal with for students paying them back-without changing the basic definition of what a loan is,” Katie Turner, a sophomore Communications major and Anthropology minor, said.

The program, passed by President Biden, provides an opportunity for students to obtain loan forgiveness.

The U.S. Department of Education Fact Sheet states that 550,000 borrowers can apply for the Public Service Loans Forgiveness Program through a waiver. In total, $1.74 billion is expected in forgiveness.

According to Federal Student Aid, eligibility for the program includes being a full-time employee, school closures, houses a permanent disability, and if there are claims of college fraud. Certain repayment plans and military status can increase a person’s chances of receiving help with unpaid loans.

Studies show that the rate of federal student loan debt has increased throughout the years. From 1995 to 2017, the balance of outstanding federal student loan debt increased from $187 billion to $1.4 trillion the Congressional Budget Office said.

AWFUMC: Eligibility Rules for the Public Service Loan Forgiveness (PSLF) Program

As school debt increases, a Stonehill financial department official said families are weighing the costs of a college or university when making enrollment decisions.

“Educational costs are generally a factor for many families when students are deciding whether or not to enroll at a particular school. Families should understand what their total out-of-pocket expense will be over the course of the student’s enrollment and have a plan to cover those costs. Families should also think about what the student’s plan is after graduating from college and what other expenses he or she will have, such as graduate school,” Assistant Vice President of Student Financial Assistance, William Smith said.

Students choose to pay their tuition bills in different ways to make education more accessible.

“I am financing my education with help from my parents through savings and, eventually, student loans,” Samantha Chrabaszcz, a sophomore Elementary Education and Psychology double major, said.

Public Service Loan Forgiveness gets major overhaul

The Office of Financial Assistance also provides students with financial aid to make attendance possible.

“In addition to giving our qualifying students their federal entitlements, Stonehill also awards students gift aid based on merit and financial need as determined by their FAFSA and CSS Profile,” Smith said.

Some students developed plans to pay off their debt and move forward after college.

“I plan on getting a job when I get out of college. Even though I believe I will go on to Law School or another post-grad program, I still want to make money for other expenses,” Andrew Parker, a sophomore Political Science major said.

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