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Schumer: Grads missing out on college loan breaks

Schumer: Grads missing out on college loan breaks

ALBANY, N.Y. (AP) _ U.S. Sen. Chuck Schumer says recently graduated teachers, police officers, firefighters, nurses and soldiers around the nation are missing out on huge breaks in their student loan debt.

Schumer says 40,000 graduates are enrolled in the Public Service Loan Forgiveness Program although 33 million are eligible nationwide, including a quarter of New York's workforce.

Qualified workers in those fields can cut their monthly student loan payment to 15 percent of their discretionary income, which could save hundreds of dollars a month. After 10 years of payments, qualifying students will have their loans fully forgiven.

The program was enacted in 2007 as part of the new G.I. Bill. Schumer is asking the federal departments of labor and education to get employers and colleges to spread the word.

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