ConsumerWatch: Program Helps Public Servants Forgive Student Loans

SAN FRANCISCO (KPIX 5) — College debt means dreams delayed for many graduates. A little-known program could help many former students get off the hook for their debts.

With the average loan debt at nearly $30,000, dreams of owning a home, buying a car, or a full cart of groceries might be out of reach, especially for those who work in public sector jobs.

The Public Service Loan Forgiveness Program is available to college graduates who work for a non-profit or in the public sector, such as teachers and first responders. Those who qualify are required to make on-time payments toward their federal student loans for 10 years. After that, the remaining debt is forgiven.

Click here for information about the program.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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