Student debt in 2016 reportedly increased by about six percent from 2015, with an estimated 43 million Americans owing more than $1.3 trillion in loans. However, some student debt holders in Yavapai County may be eligible for the Public Service Loan Forgiveness Program (PSLF).
Yavapai County Superintendent of Schools Tim Carter says the program helps full-time employees serving in public service at the local, state, federal level, in tribal government, at schools and non-profit organizations. These may be jobs in the military, public safety, law enforcement, public health and health care practitioners and public library service.
Carter, also a member of the Arizona State School Board, says he and his colleagues throughout the state are working to get the word out because of the growing shortage of teachers and other staff members in schools.
“Some schools have had a huge problem recruiting and retaining teachers. That’s particularly true when their salaries weren’t increasing, but they had to pay their school debts,” Carter said.
Last year, a study distributed by the Arizona School Personnel Administrators Association showed that several thousand K-12 teaching positions were empty or filled by substitutes, especially in rural areas.
Benefits of the Public Service Loan Forgiveness Program include:
- Immediate reduction of the monthly student loan payment;
- Reduction of the student loan obligation;
- Significant reduction of the cost of earning an additional degree;
- Receipt of a 10-year loan forgiveness plan that details financial matters.
“I need to emphasize that qualifying under this program is not about the particular job a person may have but rather who the employer is,” Carter said.
Some kinds of employers do not qualify for PSLF. They include labor unions, partisan political parties, for-profit organizations and non-tax exempt non-profit organizations. QCBN
For more information, visit https://aacss.myisis.com or call 1-866-831-5564.
Story and Photo by Ray Newton
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