Final October, NPQ covered the general public Service Loan Forgiveness (PSLF) system and noted compared to the very first 19,321 applications submitted for loan forgiveness, a grand total of 55 passed muster. Those figures arrived on the scene year that is last A federal government Accountability Office (GAO) report and had been according to demands submitted at the time of April 2018.
Relating to Michelle Hackman associated with Wall Street Journal, information is available these days through March 2019 plus the figures are…not far better.
As Hackman writes, “More than 73,000 men and women have sent applications for debt forgiveness at the time of March 31 for this 12 months, based on Education Department information, but simply 864 have experienced their loans erased. ”
Whilst the likelihood of getting loan forgiveness authorized have actually quadrupled—from 0.3 % to 1.2 percent—it’s no real surprise one other 98.8 % are none too happy.
Back 2016, articles in NPQ by Nancy Berlin and peers at CalNonprofits extolled the benefits associated with the PSLF system:
The government that is federal a system that produces residing in the general public sector easier: Public Service Loan Forgiveness. PSLF eliminates your cash advance loans virginia financial troubles after ten years of re re payments. Shockingly few people find out about this system (start to see the chart below) however it may bring debt that is life-changing to several thousand nonprofit employees—and it is additionally a fantastic recruiting device for nonprofit professional directors and HR managers.
The PSLF is a federal program from the Department of Education that helps nonprofit staff with student debt stay in the sector by forgiving the balance of their student loans after 10 years of payments in a nutshell. […]