AG Campbell, Mayor Wu host Public Service Loan Forgiveness clinic
BOSTON - Massachusetts Attorney General Andrea Joy Campbell and Boston Mayor Michelle Wu hosted a clinic Monday to help federal student loan borrowers access a time-limited opportunity to get closer to Public Service Loan Forgiveness.
The Payment Count Adjustment enables government and nonprofit workers to get credit toward forgiveness for past repayment periods that would not otherwise qualify. Some federal loan borrowers must consolidate their privately owned federal loans into the Direct Loan Program by December 31.
"This is a program uniquely tailored to support our workers, teachers, urban planners, firefighters, public health workers, state representatives," said Mayor Wu in a press conference.
The AG's Office is conducting a mailing to nearly 40,000 Massachusetts borrowers who need to consolidate by the end of the year.
Wu and Campbell were joined by Senator Elizabeth Warren and Congresswoman Ayanna Pressley at the clinic at Boston City Hall.
"We know the student debt crisis disproportionately impacts women, low-income borrowers and communities of color, acting as a driving force of the racial wealth gap," said AG Campbell. "The Payment Count Adjustment is a game changer for the Public Service Loan Forgiveness Program and offers a strong and viable opportunity for many nonprofit and government workers to receive meaningful debt relief."
The PSLF Program forgives the remaining balance on Direct Loans after borrowers have made ten years of payments under a qualifying repayment plan while working at least 30 hours per week for the government or a qualifying nonprofit employer.
For a limited time, borrowers can receive PSLF credit for past repayment periods that wouldn't normally count toward forgiveness, including for payments made on privately owned federal loans, payments made under the wrong repayment plan, late or partial payments, and certain periods of forbearance and deferment.
According to the AG's office, more than 15,000 Massachusetts public service workers have already received over $1 billion in loan forgiveness through the Payment Count Adjustment and related programs.
For more information about the program click here.
