Currently, there are $1.2 trillion in student debt in the United States.
In light of the recent announcement from President Obama of a plan to keep college costs from rising, the Consumer Financial Protection Bureau has gone a step further.
South Bend Mayor Pete Buttigieg was part of a press conference on Wednesday to discuss a way to help public servants pay off their loans.
Buttigieg says that student debt is a big burden in our community and he wants our 1,000-plus city work force to know that he’s one of the first to get on board to help with what’s called the “Student Loan Forgiveness Program.”
I am very pleased to announce that South Bend will be among the first to pledge today that we are going to help our public employees connect to student loan repayment benefits like the public service work program,” Buttigieg said. “I'm very grateful for the Protection Bureau to produce the tool kit and we're going to be distributing it electronically as well as hard copy.”
The program will allow full-time public workers who pay their student loans on time for a period of ten years to be afterwards forgiven of the rest of their debt.
Buttigieg say that his human resources department will be ready to help employees get the paperwork started, adding that he will share what we are doing with mayors across the nation who also want to hold onto good employees by helping them lessen the burden on their finances.