New Jersey Senate Bill SR86

New Jersey 2022-2023 Regular Session

• Introduced: 5/19/22
• Refer: 5/19/22

Caption

Urges President and Congress of United States to continue federal Public Service Loan Forgiveness Program.

Impact

The proposed elimination of the PSLF program could have significant repercussions for the recruitment and retention of personnel in essential public service positions. As reported through data from the Office of Federal Student Aid, a substantial number of borrowers have benefited from this program, and its absence would likely deter future generations from entering public service fields. This situation could lead to a shortage of essential workers in sectors that provide critical services to communities.

Summary

Senate Resolution No. 86 urges the President and Congress of the United States to continue the federal Public Service Loan Forgiveness (PSLF) Program, opposing efforts in the Fiscal Year 2021 budget proposed by President Donald Trump to eliminate the program. Established in 2007, the PSLF program offers eligible public servants the opportunity for student loan debt forgiveness after making a specified number of on-time payments, thus promoting retention and recruitment in critical public sector roles. The resolution highlights the importance of this program in sustaining a motivated workforce in public service careers such as teaching, military service, and social services.

Contention

The main contention surrounding the PSLF program ties back to its sustainability and cost within the federal budget. Opponents of the program argue for fiscal restraint, emphasizing potential impacts on overall government spending. Proponents, however, assert that the PSLF program is a vital investment in human capital that encourages individuals to pursue careers in public service, thus enhancing the quality of community services. The resolution serves to reaffirm support for the PSLF amid debates about budgetary allocations and priorities in federal finance.