Student Loan Forgiveness Program Aims to Keep Great Minds in Government

Tom Lang AFS Socioeconomics Section President Texas Parks and Wildlife Department, Inland Fisheries Division 409 Chester Ave., Wichita Falls TX 76309. E-mail: [email protected] You went to college, worked hard, and graduated. You went to another college and received a higher degree. You incurred a great deal of student loan debt, but it was worth it because you were hired by the government to do your dream job in fisheries. You are hardworking, intelligent, and proud that you chose to do something with your life that you really care about…your passion. You receive your first paycheck and not long after your first student loan bill. A little wind is taken out of your sails, but you carry on because fisheries science is your passion. Fisheries folks belong to a unique community; we all have persevered through hardships personally, so we can spend our lives pursuing our passion professionally. Frankly, if you have the work ethic and intelligence to acquire advanced degrees and a career in fisheries, then you possess the work ethic and intelligence to succeed in many other professions that are more fiscally rewarding. Which is why there tends to be high turnover in many segments of government employment (although not in fisheries). Brain drain, turnover, or simply the loss of great minds in government is a problem for many agencies trying to fulfill their missions and provide services to the people. This is one reason as to why the College Cost Reduction and Access Act passed in 2007 (www.gpo.gov/fdsys/pkg/PLAW-110publ84/pdf/PLAW-110publ84.pdf). This act was signed into law by President Bush and is the basis for the Public Service Loan Forgiveness Program (PSFL; www.studentaid.ed.gov/publicservice). A great many AFS members work full time for state or federal government entities, thus qualifying them for this program (local government, tribal organization, and some universities are also considered qualifying employers). However, part-time employees are eligible as well as long as they average 30-hours per week. If you have Federal Family Education Loan (FFEL) Program loans (which include Federal Stafford Loans, Federal PLUS loans, and FFEL Consolidation loans), Federal Perkins Loans, or Federal Ford Loans then you could qualify for the PSFL. Under the PSFL, essentially once you make 120 qualified monthly payments while working for a qualifying employer, the balance of your qualifying loans will be forgiven. If you consider paying off your loans in 10 years instead of 30 years, the interest savings alone could be quite significant, but it is likely that a significant portion of your principle will be forgiven as well. I won’t quote any specific figures as your situations vary, but if you have qualifying loans and do intend on working for a government entity for at least 10 years, then you should investigate this program and see if it can help you. You are in an honorable career and are making a real difference in the world as a government employee. Commonly government employees are passed over for raises or benefit increases by legislators in favor of more publicly supported projects. Do yourself a favor, and don’t pass over this potential opportunity to help you and your family. Check out PSLF; if it’s for you, then you just made a great financial move. If it’s not for you, then you just wasted 30 minutes of your time and can now go back to fisheries work no worse for wear. I, simply in good conscience, couldn’t keep something to myself that I believe could not only help my fellow fish heads but also help keep our agencies staffed with very qualified and dedicated individuals.