Governor Murphy touts program to help some public servants get their 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 cancel their college debts.
The event comes as President Joe Biden is set to make a major announcement about using executive power to cancel student debt nationwide.
“Today is an opportunity to put this program in the spotlight it deserves – to raise awareness,” Murphy said.
The program is known as the Service Loan Forgiveness Program. It allows eligible public sector and non-profit employees who have made 10 years of regular payments to obtain complete cancellation of the remainder of their debt.
“We need smart, dedicated people ready to enter public service in any form to keep our communities strong,” Murphy said.
“We’ve done a lot in New Jersey on college affordability,” Murphy said.
But the governor said not to count him among the progressives asking the president to cancel student debt for everyone.
“I had student loans and paid them off until I was 36,” Murphy said.
“Whatever the president’s decision on loan forgiveness, we will be prepared to implement it,” said Rich Cordray, chief operating officer of Federal Student Aid.
Biden’s decision is expected in the coming weeks.