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….
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….