The stated goal of the program appears to be a lie……
President Biden appears to be reticent about this student loan forgiveness program….
The program payments ARE a drain on the economy…..
The advocacy group analyzed monthly projections of approvals obtained through a Freedom of Information Act request from the Pennsylvania Higher Education Assistance Agency (PHEAA), a state financial aid agency that manages the forgiveness program for the U.S. Education Department.
The organization says the 20 percent success rate is an indictment of the program and those charged with managing it, as so few people will be positioned for relief nearly two decades after its inception. What’s more, rates of success could be even lower, given that the numbers capture only borrowers who’ve informed the Education Department of their intent to seek forgiveness, which is not required….
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The rules Congress created are complex. And missteps can be devastating for people who plan their lives and careers around the promise of tax-free loan forgiveness. Tens of thousands of borrowers have applied for forgiveness, but barely 8,500 have been successful, according to the latest available data from the Education Department….
Definitely agree with article, worked in public service and non-profits my whole professional career, now that I am close to my ten year mark with student loans I can try to get the forgiveness, but now I got to reach out to my old employers, have them sign forms that I worked during those years (at the time I was going through the process of Working full time and getting a masters I wasn’t thinking about this program, just trying to make ends meet and feed the fam), and that is going to be a process…10K is where he needs to start, Economy may slowly start to sputter a bit, and with international pressures on the economy (China, etc) we may see the need for the guy to go bold on this source of economic drain…
So do I….
DeVos gets a bit of the blame as does Congress….
Biden seems uninterested in making this right….