More people could soon be eligible for help paying their student loans after less than 2% of applicants were approved by the Public Service Loan Forgiveness program. The program allows certain qualified borrowers to have their debt wiped out if they meet the criteria for their employer and loan type. Congress started the program in 2007 to reward graduates with federally-backed student loans who go into public service, such as by working for the government or an eligible nonprofit organization.
