Student loan servicing Analysis of public input and recommendations for reform
CFPB Student Loan Ombudsman
Sat Jul 01 2017 04:00:00 GMT+0000 (Coordinated Universal Time)
Consumer Financial Protection Bureau (the Bureau) released “Public Service and Student Debt,” a report that examined how a range of existing protections and benefits offered the promise of debt relief to an important segment of student loan borrowers— those who pursue careers serving in their communities.1 At the time, the Bureau estimated that 1-in-4 U.S. workers were employed by a “public service organization,” as defined by the federal Public Service Loan Forgiveness (PSLF) program.2 Evidence suggests that many professions in this segment of the workforce typically require advanced levels of education,3 and that education requirements in many of these fields have increased over time. These requirements are put in place through federal or state law, 4 often as recommended by individual public service organizations or by professional associations.
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