Less than 1% of borrowers who apply for the Student Loan Forgiveness Program are approved.
Too many student-loan borrowers are missing their chance to get the debt relief they deserve because Department of Education Secretary Betsy DeVos and her staff have botched the administration of a loan-forgiveness program, a new lawsuit charges.
Millions of workers are relying on the Public Service Loan Forgiveness program, but the Department of Education — “the very agency that is supposedly the champion of our nation’s education system — has failed to live up to its role in administering this program,” the suit said. As a result, the department “has eviscerated the statutory promise of loan forgiveness for those who have spent a decade or more in public service dutifully repaying their loans.
Student loans accounted for $1.49 trillion of the nearly $14 trillion in American household debt as of 2019’s first quarter, according to the Federal Reserve Bank of New York. Nolan said a college degree was pitched to her as a way she could pull herself up by the bootstraps and achieve the American Dream. “For me, this process is setting those boots in cement,” she said.
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