99% of Government Student Loans Forgiveness Applicants Rejected
A report released by the Government Accountability Office shows that a federal loan forgiveness program is not so forgiving. The report says that 99% of requests for federal student loan forgiveness were denied. Out of more than 53,000 applicants, 661 were approved.
In order to increase the number of people qualifying for forgiveness, Congress set aside $700 million in 2018 to expand the program. Student loan forgiveness is a program meant to help borrowers working in the public sector, like teachers and social workers. However, it requires a borrower to have first applied and been rejected to the original program.
According to the report, nearly 71% of those who were rejected by the fix had not done so.