NewsBreak Original

A shot of Boston Town Hall in Boston, New York.Photo by J.M. Lesinski. New York State Governor Kathy Hochul recently simplified access to the federal Public Service Loan Forgiveness (PSLF) program across New York state. PSLF rewards public service work via cancellation of a portion of borrowers’ federal student loans, requiring full-time employment and one hundred and twenty qualifying payments toward their existing student loan before it is forgiven.

How many parents knew that they could apply for a Federal loan to pay for their student's college education? The loan is called a Parent Plus Loan, and the interest rate is 7.54% and remains at that interest rate for the duration of the loan. Two-parent families (mother and father) can apply for a loan for the same student for the same year. Parent Plus loans are also available for more than one student, in the family, in the same year.

Announcement expands targeted debt relief, public service loan forgiveness. The U.S. Department of Education announced an expansion of programs designed to provide targeted student debt relief. The announcement comes as President Biden's student loan forbearance plans are coming to an end with no extension yet announced.

Applying for college loans can be a very harrowing process. It's impossible to predict life's twists and turns and what one's situation will be like several years down the road. Damaging one's credit with late payments, non-payments, or lingering debt can often have lifelong ramifications, particularly at the onset of adulthood. They can include high-interest rates, mortgage and other loan acquisition obstacles, and ironically - disqualification from many jobs. For these reasons and others, it is vital that applicants educate themselves on loan programs as much as possible before taking on such massive debt.