PSLF Update — September 2020

Student loan forgiveness, by the (real) numbers.

(Image courtesy of openloans.com)

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 September 2020 only has data through August 2020.

(Note 1: For explanations of the data and corresponding calculations, please see the original article about parsing the PSLF reports.)

(Note 2: The DOE published the data for both June and August simultaneously, so we are looking at both months in this review.)

Approval Rate

The overall unadjusted approval rates have been consistently above 2% the past three months, so you can disregard any articles you see about 99% rejection.

The adjusted rates came back to earth a bit (7.45% and 9.00%), but both months are significantly above the standard reported values.

Adjusted rates came down a bit, but still higher than the widely reported numbers.

The yellow line is good news for current borrowers aiming for PSLF.

Forgiveness Amount