Financial Educators Advise Caution to Students Relying on Loan Forgiveness
There has been growing concern by some students across the country that the program might end
DULUTH, Minn. – The financial aid office at UMD is giving some advice to students about Public Service Loan Forgiveness programs.
There has been growing concern by some students across the country that the program might end. A lawsuit was filed last year, questioning the validity of some aspects of public sector non–profits where employees are given loan forgiveness.
UMD’s financial literacy educator Niki Pechinski offers some advice to students counting on the program to cover their student loan debt.
“I advise students to be really conservative in relying on a program like that,” said Pechinski. “It was created by congress and it’s a wonderful service if it’s still there when folks need it. Congress could change it or take it away.”
Students at UMD graduate on average with $30,000 in student loan debt.