U.S. Senator Charles Schumer held a press conference at Hofstra University to draw attention to a student loan forgiveness and repayment program that could save college graduates tens of thousands of dollars if they take jobs in the public sector, such as education, health care, law enforcement, military service, and not-for-profit organizations. Joining Senator Schumer at the podium were Dr. Sean Fanelli, dean of the School of Education and LTC David Daniel, director of Hofstra’s ROTC program.
The Public Service Loan Forgiveness Program (PSLF) has the potential to impact approximately 33 million Americans and one-quarter of New Yorkers in the workforce. Senator Schumer explained the benefits of PSLF: First, qualified employees can reduce their monthly student loan payment to 15% of their discretionary income. Second, after 10 years of payments, qualifying student loans will be completely forgiven.
Senator Schumer called on the Department of Education and the Department of Labor to work together to increase awareness of PSLF to ensure that employers in the public sector are notifying new teachers, cops, firefighters, nurses and not-for-profit employees that they take advantage of these significant benefits.
Click HERE to read more about PSLF on the Federal Student Aid website.
Top photo: Senator Schumer chatting with Amanda Roy, a senior Elementary Ed major.