It’s been one since student loan borrowers have been theoretically eligible to have their loans forgiven under the Public Service Loan Forgiveness (PSLF) program year. Yet, from the 28,000 borrowers whom used, only 96 have experienced their loans forgiven. That is lower than one percent of candidates.
That number is shocking and talks volumes concerning the problems of the servicing industry that is billion-dollar. Exactly just exactly How could this take place? First, servicers have actually neglected to notify borrowers whom asked for official official official certification for PSLF once they needed seriously to combine their loans or alter their re re payment want to qualify. Certainly, the us government Accountability workplace (GAO) final thirty days stated that of this around 1.2 million individuals who have required to possess their work and loans certified as qualified to receive PSLF forgiveness, over 150,000 didn’t have eligible loans and over 370,000 never ever made just one [...]