Recognizing Military Service in PSLF Act

Recognizing Military Service in PSLF Act

This bill requires the Department of Education to count each month for which a borrower's federal student loan payment was in deferment or forbearance during a period of active duty, including certain National Guard duty, as a qualifying payment for the purpose of the Public Service Loan Forgiveness (PSLF) program.

Under current law, a borrower who is a service member is eligible to receive student loan forgiveness under the PSLF program; however, if the borrower places their loan into deferment or forbearance while they are on active duty, that period of time does not count as a qualifying payment for the PSLF program.

Bill 117 HR 3486, also known as the Recognizing Military Service in PSLF Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to amend the Public Service Loan Forgiveness (PSLF) program to include military service as qualifying employment for loan forgiveness.

Under the current PSLF program, individuals who work in certain public service jobs for a specified period of time may be eligible to have their student loans forgiven. However, military service is not currently recognized as qualifying employment under the program.

If passed, Bill 117 HR 3486 would change this by allowing individuals who have served in the military to count that service towards the required number of qualifying payments for loan forgiveness. This would provide much-needed financial relief to veterans and active duty service members who have student loan debt. Supporters of the bill argue that military service is a form of public service and should be recognized as such under the PSLF program. They believe that this change would help to better support those who have served their country and make it easier for them to transition to civilian life. Opponents of the bill may argue that expanding the PSLF program to include military service could potentially increase the cost of the program and lead to abuse by individuals seeking loan forgiveness. Overall, Bill 117 HR 3486 aims to recognize the valuable contributions of military service members and provide them with additional support in managing their student loan debt. It is currently under consideration by Congress and its fate will be determined in the coming months.