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Statement on Student Debt Forgiveness and Improvements to the Public Service Loan Forgiveness Programs

College Possible is one the nation’s largest nonprofit organizations focused on college access and success and has a unique perspective on the burden of college debt on young people and their families.

College Possible applauds the recent student debt forgiveness initiatives.  Underrepresented college students bear a disproportionate burden of student debt.  This initiative, as well as recent improvements in the Public Service Loan Forgiveness Program, has the potential to lessen equity gaps and create more opportunities for millions of Americans.

But this is only a small step toward making a college education available to all regardless of household income or background.  We encourage state and national leaders to continue to focus their energy on addressing the college divide, since a college degree continues to be the surest path out of poverty and toward opportunity.  Student loans, along with direct grants and other financial aid, remain an important part of an overall financial aid package and we encourage policies that make a college education and financial assistance accessible and affordable to students and their families.

College Possible is pleased to share the following resources for more information about these important programs:

  • Official White House Fact Sheet: This fact sheet lays out the major elements of the program along with some useful background information on how the program will benefit borrowers, particularly borrowers who are Pell Eligible and from lower income backgrounds.
  • Studentaid.gov Explainer: The webpage offers concise explanations of the program and its major elements.
  • New York Times FAQ: This helpful FAQ provides a lot of initial answers to common questions and highlights a few unanswered questions the administration will address in the near future. If you run into a paywall, try this FAQ from Business Insider.
  • Subscribe to get official updates: There will likely be many announcements regarding this program from the Department of Education. Use this link to sign-up for email updates and announcements.

Avoiding Scams: Unfortunately, a major announcement like this will likely lead to confusion and the potential for scams. This studentaid.gov page has resources that will help individuals spot and avoid common scams.

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