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The Department of Education is changing its Public Service Student Loan Forgiveness Program. What does that mean for you? I’m Brian Banmiller on Business.

When the program was first announced, it was designed to help thousands of public workers such as teachers, police officers and firefighters get rid of student debt. But it didn’t work out as planned. Instead, thousands of borrowers applied for forgiveness, and nearly all were rejected. Others had been making payments before finding out they weren’t eligible for the program and almost all have been dealing with student debt they thought would be erased. Now, under temporary changes through next year, those borrowers will be eligible to have loans cleared. The planned changes will immediately erase the debt of 22,000 people. Another 27,000 could also see debt forgiven if they prove they were employed in an eligible job. This could include you if you have been making ten years’ worth of payments while in a qualifying job such as positions in federal, state or local governments, a nonprofit or the military. If that’s you, it might be worth taking a closer look. Brian Banmiller, CBS News.

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.