The latest student loan debt statistics show that more than 99% of people who applied for public service loan forgiveness have been rejected.The U.S. Department of EducationAs of December 31, 2018, 53,749 student loan borrowers submitted 65,500 applications for public service loan forgiveness.
Of that total, approximately 58,000 applications have been processed. Another 7,200 applications are pending. Of that total, more than 73% of applications have been denied due to student loan borrowers not meeting the program requirements. For example, borrowers did not have eligible student loans, make 120 qualifying payments or have qualifying employment.
Another 25% of applications for public service loan forgiveness were denied due to missing or incomplete information on the employment certification form.Approximately 610 applications have been approved and 338 borrowers have collectively received $21.1 million in public service loan forgiveness. Cumulatively, only about 640 borrowers have received public service loan forgiveness based on approximately 132,000 processed applications. That's less than 0.5%.
The requirements can be tricky. Many applications were rejected due to missing or incomplete information, or not meeting the program requirements. The most recent data reflects some of earliest applicants to the program, which started in 2007, and required 10 years of student loan payments. Over time, the approval rates should increase as more borrowers become familiar with the Public Service Loan Forgiveness program.
Wait....they are still requiring people to pay back money they borrowed? This is an outrage!!!
Remember 2008 ? 'THEY' were bailed out and YOU didnt say a word about that step being wrong. How many were 'In' on it , how many still are. Are you?
when if you not understand bank what mine translate for me and five a reason you dor me if you now
I don't understand why they don't make student loans available at 1-2% instead of the current 5-9%. These rates are higher than car loans...this is one area where the government can actually play a role.The dems free education idea is stupid, but the 5-9% rates are also too high
What's the criteria for student loan forgiveness?
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