New Loan Forgiveness Program for Public Service
There is good news for those who are interested in pursuing a career in the public service after earning the MBA degree. The US federal government created a Public Service Loan Forgiveness Program which forgives the balance of principal and interest on eligible federal loans after a borrower makes qualifying loan payments for 10 years while working full-time in a qualifying public service position. This means that someone who borrowed $115,000 in federal loans and earns $50,000 per year working for public service could reduce his or her monthly payment by $900 (from $1,320 to $420) based on the Income Based Repayment plan. After 10 years or public service, approximately $130,000 of the loan interest and principal would be forgiven.
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