Consumer Bureau: Too Few Use Loan Forgiveness

August 28, 2013
Associated Press 
student loan news

More than 33 million U.S. workers qualify for student loan forgiveness because they work in public service fields. "We estimate that one in four working Americans has a job that meets the definition of public service under this program," confirmed Consumer Financial Protection Bureau director Richard Cordray. "Many of these teachers, health care workers and other public servants could be eligible to have their college loans wiped out after ten years."

But this option is under-utilized, the CFPB said on Aug. 28, because the system is overly complicated and often confusing. It recommended that Congress examine the loan forgiveness system and encouraged employers to make sure their workers know what options are available.

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