Consumer agency condemns abuses in loan forgiveness program

Source: Stacy Cowley, N.Y.Times (Paid Registration)

The government’s consumer watchdog is adding its voice to a growing chorus of warnings about problems with a federal program that permits people who take public service jobs to have their student loans forgiven after a decade.

Confusing rules, bureaucratic tripwires and outright errors are hindering thousands of people as they try to take advantage of the program, according to a report released Thursday by the Consumer Financial Protection Bureau. These are people who teach, serve in the military or work for a nonprofit organization, for example.

 

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