If you work in a “Public Service” field, and you have student loans that you can’t pay off, there’s good news from the Consumer Financial Protection Bureau (CFPB): you may not have to pay them at all!
You heard that right. Richard Cordray, director of the CFPB, said:
Teachers, soldiers, firefighters, policeman – public sector careers invariably involve some effort, some inconvenience or some sacrifice. People give up higher incomes to serve their city, their state or their country. We believe that people who contribute part of their talents, part of the benefits of their education, to society as a whole should not be mired in debt because they stir themselves to the calling of public service. We estimate that one in four working Americans has a job that meets the definition of public service under this program. Many of these teachers, health care workers and other public servants could be eligible to have their college loans wiped out after ten years.
And how many workers are we talking about?
And the CFPB also want to include clerks at your local DMV, city hall secretaries and accountants at non-profit arts groups. And the biggest winners are…
Teachers-more than 6.8 million of them. Jeffrey Bourne, the chairman of Virginia’s Richmond School Board, said, “Public service employees – most especially teachers – never get into the teaching profession to get rich. They have a deep passion.”
The CFPB wants Congress to review the loan forgiveness programs, but that’s not enough; they want employers to make tell employees to go in search of the bailouts.
Student loan debt is now over $1 trillion.