This scathing new report shows that student loan forgiveness is in disarray
The latest statistics for public service loan forgiveness show that:
Of that total, approximately 102,051 applications have been processed. Another 8,677 applications are pending.Of approved applications, 76% of borrowers work for the government and 24% work for non-profit organizations.Only 845 borrowers have collectively received $52 million in public service loan forgiveness. The average student loan balance discharged is $61,592. That's less than 1%.
In fairness to the Education Department, DeVos did not create the student loan forgiveness program. Congress created the program; the Education Department’s job is to administer the program. DeVos has taken proactive steps to help improve the program, including a planned technology upgrade to improve student loan servicing. Earlier this month, DeVos met with student loan servicers to discuss how to improve performance.
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