Over 615,000 Borrowers Receive $42 Billion in Debt Relief Through Public Service Loan Forgiveness Program
The Public Service Loan Forgiveness (PSLF) program was established in 2007 to provide debt relief to nonprofit and government agency employees. The program’s goal was to forgive the student loans of borrowers after they made 120 qualifying payments (10 years of payments). However, the program’s approval rate was low, with only around 7,000 borrowers approved …