Millions of public service workers who have been waiting for relief from their student loans are facing a surprise twist. The Biden administration recently announced a change to the Public Service Loan Forgiveness (PSLF) program, which could leave many borrowers with higher monthly payments and longer repayment periods. Under the new rules, borrowers will no longer be able to capitalize interest on their loans, effectively increasing the amount they owe. As a result, public service workers who were expecting a break from their debt burden may now be facing a more daunting financial reality.
Public service workers pursuing loan forgiveness just learned the price of relief went up.
