More than 33 million workers qualify to have their student loans forgiven because they work in schools, hospitals, or city halls, but too few take advantage of the options because the programs are overly complicated and often confusing, the government’s consumer advocate said Wednesday.
Roughly a quarter of the US workforce could take advantage of federal rules that give favorable loan repayment options to those in public service fields, including the military, according to the Consumer Financial Protection Bureau. The agency recommended that Congress review the loan forgiveness programs and encouraged employers to make sure their workers know they are available.
Student loan debt has topped $1 trillion, the consumer advocate estimates, and has been a drag on the economy. Full story for BostonGlobe.com subscribers.