Bill Overview
Title: Veteran Service Equity Act
Description: This bill expands the definition of public service job for participation in the Public Service Loan Forgiveness program to include a full-time job with a veterans service organization.
Sponsors: Rep. Levin, Mike [D-CA-49]
Target Audience
Population: Employees of veterans service organizations with student loans.
Estimated Size: 300000
- The Public Service Loan Forgiveness program is aimed at individuals who are employed in public service jobs and meeting certain requirements for loan forgiveness.
- Veterans service organizations often employ veterans as well as civilians in various roles.
- The expansion of the definition of public service job will impact employees of veterans service organizations who have student loans and are seeking loan forgiveness.
- There are numerous veterans service organizations globally, and many people employed full-time in these organizations could benefit from loan forgiveness.
Reasoning
- The target population is employees of veterans service organizations with student loans affected by the policy. This includes veterans and non-veterans whose jobs now qualify for the Public Service Loan Forgiveness program.
- Given a budget of $150 million in year 1 and $1.74 billion over 10 years, we anticipate scale expansion over time but anticipate initial participation challenges.
- We simulate scenarios varying in direct impact on personal finances and emotional wellbeing, reflecting different personal circumstances and regional distributions.
Simulated Interviews
Case Manager at a veterans service organization (New York, NY)
Age: 26 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- I love my job but the student loans are a burden. With this new bill, I could finally see a light at the end of the tunnel.
- This policy gives veterans service workers the same benefits as other public service workers which is fair.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Outreach Coordinator (Cincinnati, OH)
Age: 32 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 5/20
Statement of Opinion:
- It's a step in the right direction. As a veteran, I'm glad my work now qualifies for forgiveness.
- This policy might make others consider joining veterans service organizations as a career.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Fundraising Manager (Los Angeles, CA)
Age: 41 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 15.0 years
Commonness: 6/20
Statement of Opinion:
- Despite being in the nonprofit sector for years, I never qualified for loan forgiveness.
- This policy might finally relieve the financial stress I've been under.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 8 | 4 |
| Year 10 | 9 | 4 |
| Year 20 | 9 | 4 |
Data Analyst for a veterans group (Austin, TX)
Age: 28 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 9.0 years
Commonness: 8/20
Statement of Opinion:
- I'm relieved. My student loans have been a huge stressor.
- It's great knowing that my work directly supports veterans and now also my financial future.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 6 |
Director of Veterans Housing Program (Chicago, IL)
Age: 45 | Gender: male
Wellbeing Before Policy: 3
Duration of Impact: 15.0 years
Commonness: 4/20
Statement of Opinion:
- Honestly, it's about time. This brings a long-overdue sense of equity to my career field.
- It will allow me to focus more on developing programs rather than worrying about money.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 3 |
| Year 2 | 6 | 3 |
| Year 3 | 7 | 3 |
| Year 5 | 8 | 3 |
| Year 10 | 9 | 3 |
| Year 20 | 9 | 3 |
Program Assistant at VFW (Denver, CO)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- This policy feels like recognition for the work we do.
- It is very welcome but doesn't completely solve all our financial needs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
IT Support for a veteran's organization (Atlanta, GA)
Age: 24 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 3.0 years
Commonness: 10/20
Statement of Opinion:
- I wasn't expecting much financial relief this early in my career, so this is a pleasant surprise.
- It's a morale booster, knowing I'll be rewarded for serving those who have served.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
HR Manager at a veterans support organization (Phoenix, AZ)
Age: 38 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- This means the world to me. I’ve never felt my work was valued in this way before.
- I hope it can expand more in the future.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Veterans Affairs liaison (San Diego, CA)
Age: 29 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 8.0 years
Commonness: 8/20
Statement of Opinion:
- Feeling more secure about my long-term plans now.
- Finally, my work to support fellow veterans is giving back to me too.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Volunteer Coordinator (Miami, FL)
Age: 55 | Gender: female
Wellbeing Before Policy: 9
Duration of Impact: 1.0 years
Commonness: 3/20
Statement of Opinion:
- I've managed my loans well, this will just free up more cushion for retirement.
- Hopefully this encourages more young professionals to enter the field.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Cost Estimates
Year 1: $150000000 (Low: $120000000, High: $180000000)
Year 2: $155000000 (Low: $125000000, High: $185000000)
Year 3: $160000000 (Low: $130000000, High: $190000000)
Year 5: $170000000 (Low: $140000000, High: $200000000)
Year 10: $200000000 (Low: $170000000, High: $230000000)
Year 100: $300000000 (Low: $250000000, High: $350000000)
Key Considerations
- The cost estimates assume the average loan forgiveness benefit equivalent to current program averages, adjusted for typical debt loads of individuals in eligible jobs.
- Consideration is given to administrative changes needed to incorporate veterans service organizations into the definitions used by the Public Service Loan Forgiveness program.