PSLF Update — July 2020

Approval rates skyrocketed this month.

(Photo by Designecologist from Pexels)

Here is the latest update on the Public Service Loan Forgiveness Program. Since there is a lag in collecting and processing the data, the report released in July 2020 only has data through May 2020.

(Note: For explanations of the data, please see the original article about parsing the PSLF reports.)

Approval Rate

May was a fantastic month for PSLF applicants. The monthly adjusted approval rate was took a huge leap from right around 5% to over 15%!

This may just be an aberration, and things will come back down to a lower, but still increasing, normal.

OR

This could be the month where the PSLF program is finally starting to take off, shedding the early mistakes of the first cohort and becoming the saving grace of so many student loan borrowers.

Only time will tell.

Personally, I think it’s the latter.

Table 1: Approval rate for PSLF, including adjusted data.