Just 96 of 30,000 people who applied for public service loan forgiveness actually got it

[Brorthopedic]

Just 96 of 30,000 people who applied for public service loan forgiveness actually got it

I guess I'll be working aggressively out of residency to pay it down myself then

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[miacomet]

Yup. Total scam.

 

[deleted109597]

Color me shocked.
It will be even worse if a large number are physicians. People will be screaming for blood.

 

[deleted245139]

It sucks... You have to laybout a financial plan. I'm enrolled... 6th yr in academics. What can you do. You commit to the minimum payment with the promise of forgiveness. You stall yourself. At this point, I'm pot committed. Alot of people are.
I have kids, a wife.
The decision to refinance and crush it weighs on me daily because this forced me into a position to waste my time... And Money.

It's so frustrating

 

[scummie]

This thread gives me angina.

 

[Stagg737]

This is the reason I've been saying for years to not rely on loan forgiveness options. Even if one is guaranteed forgiveness (like HPSP) they should plan to pay back every penny and then some anyway. S*** happens, plans fall through, and when they do you can end up drowning. Don't drown, plan for the worst but hope for the best.

 

[EMdoc10]

What were the reason(s) for denial? Payments not recorded/acknowledged vs private loans (that the borrower wrongly assumed qualify) vs other?
If there is no valid reason for denial, worth fighting for via legal routes.
Curious to get an update with another cycle next month.

 

[TheComebacKid]

This idea almost sounded too good to be true. I never signed up for the program because I knew it wasn't worth my time. I just try to pay off my loans as aggressively as I can, even in residency.

It all goes back to what probably most of our parents taught us as kids: nothing in life is free. This expectation that the government will just sweep in out of the goodness of their heart is truly a pipe dream. They can't even do the most basic of things.

Despite that, my heart breaks for the people who actually went through the process, and thought they were going to be getting loan forgiveness when they were done.

 

[Tenk]

First week of med school they told us about this scam and I burst out laughing. Classmates looked at me funny. I told them this will never happen. Feel bad for all the people out there that believed the government.

 

[NurWollen]

Whenever an article about PSLF comes out, they never answer the relevant questions. In this case, why, specifically, were they denied.

But then I guess the government doesn't exactly feel accountable for an exact answer.

 

[Raryn]

What were the reason(s) for denial? Payments not recorded/acknowledged vs private loans (that the borrower wrongly assumed qualify) vs other?
If there is no valid reason for denial, worth fighting for via legal routes.
Curious to get an update with another cycle next month.

3/4 of the denials were due to the applicant having the incorrect loan type - people who applied for PSLF in 2017 had loans from 2007 or earlier, very few of which were direct loans. This will not be the case in a couple years, when all applicants are from a period where the vast majority of loans were direct loans.

1/4 of the denials were due to incorrectly filled out paperwork - they can fill out the paperwork correctly and reapply.

PSLF is Real: First $5 million Forgiven - Student Loan Planner

 

[shookwell]

These guys seem on the level. We should probably let them run the whole system. Nothing bad will happen.