Business View Magazine | September 2019

12 BUSINESS VIEW MAGAZINE SEPTEMBER 2019 2. Targeted Loan Forgiveness An alternative approach to providing universal student loan is to target it to low-income students who are in most need of help. This program could forgive all student loans for individuals who qualify for and receive benefits from programs such as Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), or Medicaid. 3. Public Service Loan Forgiveness The Public Service Loan Forgiveness Program (PSLF) permits direct loan borrowers to have the remainder of their loans forgiven if they work full time for a qualifying public service job and have made 120 qualifying monthly payments (10 years worth of payments). However, only 1% of applicants have been approved for forgiveness by the loan servicers processing the applications. Rather than rewarding a narrow set of public service employees with loan forgiveness, a separate national service program could be authorized by Congress based on the Serve America Together Campaign.