Very early PSLF research suggests that an astonishing 99% regarding applications had been rejected. At the time of , 44,724 PSLF applications was processed, and simply 423 of these had been approved — an endorsement speed away from a bit below 1%. On the 72% regarding processed programs was basically refused as debtor failed to meet the program’s criteria, and you may I shall enter specific reasons within the next part. Another twenty-seven% out-of programs have been refuted on account of lost advice.
This new 423 approved programs by way of elizabeth out-of 206 novel individuals (and therefore some people got numerous software), having all in all, $ mil for the education loan debt forgiven — normally $59,806 for each individual. Many candidates (at the time of new investigation) was in fact refused, those who are effective in getting their PSLF applications accepted provides obtained large debt settlement.
It’s safer to state that each one of these apps aren’t almost certainly getting permanently denied. Specifically, software that have lost recommendations might end up being fixed and you can resubmitted. For example, in the event that a software said PSLF eligible employment, however, information regarding the fresh new company was missing otherwise wrong, the fresh borrower gets the mandatory information and you may resubmit.