Final October, NPQ covered the general public Service Loan Forgiveness (PSLF) program and noted compared to 1st 19,321 applications submitted for loan forgiveness, a total that is grand of passed muster. Those figures arrived on the scene a year ago from A federal government Accountability workplace (GAO) report and had been centered on demands submitted at the time of April 2018.
Relating to Michelle Hackman of this Wall Street Journal, information is available nowadays through March 2019 plus the true figures are…not far better.
As Hackman writes, “More than 73,000 men and women have sent applications for financial obligation forgiveness at the time of March 31 with this 12 months, relating to Education Department information, but simply 864 have experienced their loans erased. ”
Whilst the probability of getting loan forgiveness authorized have actually quadrupled—from 0.3 % to 1.2 percent—it’s not surprising the other 98.8 % are none too happy.
Back 2016, articles in NPQ by Nancy Berlin and peers at CalNonprofits extolled the benefits associated with PSLF program:
The authorities provides a system that produces remaining in the general public sector easier: Public Service Loan Forgiveness. PSLF eliminates your financial troubles after a decade of payments. Shockingly few individuals realize about this system (look at chart below) nonetheless 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.