After the appointment of Betsy DeVos Secretary of Education, it was just a matter of time before she brought back debtors’ prison for student loan defaulters and subcontracted out K-12 education. Now Devos and Trump are cutting educational programs, including student loan forgiveness to the tune of $10.6B in cuts.
According to the Washington Post, the current administration plans to end the Public Service Loan Forgiveness (PSLF) program, which more than 400,000 people are counting on as part of their financial future.
In 2007 George W Bush as part of the College Cost Reduction and Access Act offered to those whose jobs benefit society-government and non-profit the chance to have their student loans forgiven after ten years of on-time, income-based payments. More than 400,000 teachers, social workers, public defenders, and others took the government up on this offer. The first loans in this program are set to be wiped out in October. However, with the Trump cuts, the loan forgiveness of these 400,000 may be in jeopardy.