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This federal government loan forgiveness system has rejected 99% of borrowers to date

This federal government loan forgiveness system has rejected 99% of borrowers to date

Posted: Sept 23, 2018 8:55 a.m. ET

Just 96 folks are within the very first cohort of borrowers of the general public provider Loan Forgiveness system

JillianBerman

Up to now, approximately 99percent of prepared applications for forgiveness under a federal federal government program directed at assisting general general general public servants manage their federal student-loan financial obligation had their applications rejected.

An initiative launched in 2007 that allows borrowers who work in certain types of public service to have their federal student loans wiped away after 10 years of payments as of June 30 of this year, about 28,000 borrowers submitted 33,300 applications to have their loans discharged under the Public Service Loan Forgiveness program. Associated with approximately 29,000 applications prepared thus far, 96 borrowers have experienced about $5.52 million with debt released beneath the system, based on a federal government report released Wednesday.

Associated with approximately 29,000 applications prepared thus far, 96 borrowers have experienced about $5.52 million with debt released underneath the system.