Despite 1/4 of the workforce qualifying for Public Service Loan Forgiveness, only 139 people have made substantial progress in completing the required payments

by SpyPirates

Just read this article that chronicles one of the first people in the U.S. to have his student loan debt forgiven under the program. The amount of diligence he undertook to ensure he was on the right plan, was making the right type of payments, and that all his payments were being kept track of properly is astounding.

I never qualified for PSLF, but given the low success rate of people in the program, I will definitely think twice before recommending it to someone here at r/personalfinance or elsewhere (not that it isn’t potentially valuable, but if it’s this difficult to jump through all the hoops, it might not be the right choice for everyone that qualifies).

Article (New York Times, soft paywall): Public Servants Do Get Student Loan Forgiveness. Meet One of the First.

Regarding the title, the actual statistic is: “While the Consumer Financial Protection Bureau has estimated that one-quarter of the United States work force could potentially qualify for the forgiveness program, only 139 people had made at least 97 qualifying payments toward their goal of 120 as of 2016, according to figures that the Department of Education presented at a conference.”


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