In 2007, the government promised teachers, social workers and firefighters that if they worked in public service and made payments on their student loans for 10 years they’d have the remaining balance cancelled.
Following the release of the data Monday, Seth Frotman, the executive director of the Student Borrower Protection Center reiterated that request, saying the data “confirms that the Education Department’s continued ‘wait and see’ approach to PSLF has failed. Secretary Cardona must immediately cancel the debt of all public-service workers with a decade of service.”
Denial rate of 99% The first year that borrowers could apply to receive relief under the program, the Department received applications from roughly 28,000 borrowers and just 96 had their loans cancelled, a denial rate of roughly 99%. Later cohorts haven’t fared much better. Even quintessential public servants have struggled; as of January 2020, just 124 members of the military had their loans forgiven under the program, a government watchdog reported earlier this year.
The idea behind combining the forms was to make PSLF easier for borrowers to navigate by streamlining the forms they were required to fill out through the process. Between November and April the Department received 391,000 of these forms, of which they’ve processed more than 168,000. In order to qualify for forgiveness, borrowers have to be working in an eligible job ; make 120 on-time monthly payments; be in the correct repayment plan ; and have the right type of loan.
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