The approval rate for the program has be almost nil….
Somebody needs to fix the rules that are so complicated and defeating ….
Borrowers have long complained about how difficult it is to navigate the Public Service Loan Forgiveness program’s qualifying rules with little help from their loan servicers, the companies that handle billing and other services. Many have said they found out they weren’t eligible for forgiveness only after making what they thought were a decade’s worth of qualifying payments.
Under the program, which was signed into law by then-President George W. Bush in 2007, the government forgives the remaining federal student loan debt for qualifying public-sector workers after they have made monthly payments for 10 years. It provides an incentive for workers to stay in lower-paying jobs — like teaching and social work — while paying off their student debt.
More than 1 million borrowers have made at least one qualifying payment, but only a small percentage of those enrolled have received forgiveness. Roughly 5,500 people have seen their debt wiped away, according to the latest government data.
“To build back better we must fix the systems that have been broken for too long. I’m excited that next week we’ll be announcing a major overhaul of the Public Service Loan Program to finally deliver the relief our public servants were promised,” Cardona tweeted Sunday….