J&K # 19: Public Loan Forgiveness isn't very Forgiving


Manage episode 244002547 series 1450233
By Debbie Johnson and Jake Rivas: Financial Advisor To Millennials. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
“The fix to Public Service Loan Forgiveness hasn’t Helped very much” More than 54,000 people have applied for their public service loan forgiveness, and only 1% (around 640) have had their loans forgiven. This forgiveness program was initiated a little over 10 years ago. The program would begin forgiving loans 10 years later, and that is where we are today. This means that the program will be receiving tens of thousands of more applicants in the near future. And if this problem persists, it will be a major issue. As Jake and Kirk discuss, this program has affected the lives of many people in our country. Maybe yours. Many people chose their majors under the auspices that their loans would be forgiven, if they followed the procedure. They may have been mistaken. https://www.cnbc.com/2019/09/05/this-fix-to-public-service-loan-forgiveness-hasnt-helped-very-much.html

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