Congress authorized a $700 million fund to help fix a popular but troubled student loan forgiveness program.
However, a new report shows that only 1% of applicants have been approved for relief under the expanded program.There are 3 ways to pay off student loans—here's how to choose the best one for youEven after a significant infusion of cash, the Public Service Loan Forgiveness program is doing little in the way of forgiveness.
Just 661 out of about 54,000 applicants, or roughly 1%, of loans have been discharged under the expanded program, a government report has found.. "The process is too complicated." Public service loan forgiveness allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years of on-time payments.
However, many public servants didn't qualify for one reason or another — sometimes even after they'd finished their decade of payments.to shore up the troubled program. The temporary expansion aimed to include more borrowers and offer some who had been denied loan forgiveness simply because they had been repaying their debt in a disqualifying plan a second chance at having their debt canceled.
NPR did a whole story on it. What a mess!
Is a choice and who u know thing.
It’s popular for the 1%
How does this compare to the ripoffs by “higher education” and loan companies. If the activities prove egregious, the former should pay the interest, & the latter should freeze the original balance with interest free payment terms up to years. That’s real reform.
There you go. More money for The Wall.
Take responsibility for your own actions. You Barrow money you pay it back that's how things work . It's no one's fault. You chose to go to school.
If I say goodbye to Elmo, this surprises me even less. 'When you ask for the Sherif's Badge, we'll see.
Should have chose a field that pays better or if you arent a hustler dont attend something you cant afford. Dummies looking for a handout.
Give us mortgage forgiveness! They made a conscious choice to attend school. Just as we made a choice to acquire a mortgage. No difference.