October 2, 2018

Unforgivable student loan debt forgiveness program

Boing Boing -in 2007, GW Bush signed into law the Public Service Loan Forgiveness (PSLF) program that would allow debt-haunted grads to earn loan forgiveness by foregoing the private sector and working for lower wages in public service for a decade.

In theory, thousands of people should be having their debts wiped away this year. In reality, less than one percent of the people enrolled in the program will see that happen. The rest are screwed.

The PSLF program is a bureaucratic nightmare of paperwork mountains that must be perfectly ordered, at all times -- despite the administering agency routinely losing and messing up its own records.

In addition, the eligibility requirements are incredibly confusing, resulting in many of the enrollees being signed up, even though they shouldn't be -- a fact they don't discover until their decade of service is up.

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