This government loan forgiveness system has refused 99% of borrowers thus far

This government loan forgiveness system has refused 99% of borrowers thus far

Posted: Sept 23, 2018 8:55 a.m. ET

Just 96 folks are within the very first cohort of borrowers of the general public provider Loan Forgiveness system

JillianBerman

To date, approximately 99percent of prepared applications for forgiveness under a federal government program directed at assisting general public servants handle their federal student-loan debt had their applications rejected.

At the time of June 30 for this 12 months, about 28,000 borrowers submitted 33,300 applications to own their loans released beneath the Public provider Loan Forgiveness system, an initiative launched in 2007 enabling borrowers who work with certain kinds of general public solution to possess their federal figuratively speaking cleaned away after a decade of repayments. Associated with approximately 29,000 applications prepared thus far, 96 borrowers have experienced about $5.52 million with debt discharged underneath the system, relating to a federal government report released Wednesday.

Of this approximately 29,000 applications prepared so far, 96 borrowers have had about $5.52 million with debt released underneath the system. “This government loan forgiveness system has refused 99% of borrowers thus far” bővebben