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This government loan forgiveness system has refused 99% of borrowers to date

This government loan forgiveness system has refused 99% of borrowers to date

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

Just 96 individuals are contained in the very first cohort of borrowers of the general public provider Loan Forgiveness program

JillianBerman

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

An initiative launched in 2007 that allows borrowers who work in certain types of public service to have their federal student loans wiped away after 10 years of payments as of June 30 of this year, about 28,000 borrowers submitted 33,300 applications to have their loans discharged under the Public Service Loan Forgiveness program. Wednesday of the roughly 29,000 applications processed so far, 96 borrowers have had about $5.52 million in debt discharged under the program, according to a government report released.

Associated with approximately 29,000 applications prepared thus far, 96 borrowers have experienced about $5.52 million with debt released underneath the system.