Gov. Murphy touts program to help some public workers get student loans forgiven
Gov. Phil Murphy was at the College of New Jersey on Monday to highlight a little-known federal program that helps workers forgive their college debts.
The event comes as President Joe Biden is set to make a major announcement on whether he will use executive power to cancel student debt nationwide.
“Today is an opportunity to put this program under the spotlight that it deserves – to raise awareness,” Murphy said.
The program is known as the Service Loan Forgiveness Program. It allows eligible public and nonprofit employees who have made 10 years of regular payments to get the rest of their debt completely forgiven.
"We need smart and dedicated individuals willing to enter public service in whatever form to keep our communities strong,” Murphy said.
Borrowers from as far back as 2007 who may have missed out on the program have until Oct. 31 to apply for a special waiver.
“We’ve done a lot in New Jersey on college affordability,” Murphy said.
But the governor said not to count him as one of the progressives demanding the president cancel student debt for everyone.
"I had student loans and I paid them off until I was 36 years old,” Murphy said.
"Whatever the president decides on loan forgiveness, we will be ready to implement it,” said Rich Cordray, federal student aid chief operating officer.
Biden’s decision is expected within the next few weeks.