Student Loan Update

After more than three and a half years, student loan payments will resume this fall, but not without significant improvements in servicing and forgiveness programs that are the direct result of our unions’ education, advocacy, and mobilizing. Important fixes to the Public Service Loan Forgiveness (PSLF) program have made it more accessible than ever, leading to AFT members already having over $34 million in debt forgiven. A new Department of Education rule requiring public and non-profit higher education institutions to multiply classroom contact hours of part-time faculty by 3.35 to determine the number of hours now means that PSLF is more within reach of thousands of contingent faculty. A brand new income-driven repayment plan, SAVE, promises significant savings to borrowers on their monthly payments and over the life of their loan. Make sure you’re ready for payments to start: AAUP members can learn about income-driven repayment, PSLF, and debt management resources available to you through AFT by enrolling in an upcoming AFT Student Debt Clinic.

Publication Date: 
Thursday, August 24, 2023