Member-only story
PSLF Will Only Get Better
A beleaguered program is starting to ramp up.
The Public Service Loan Forgiveness (PSLF) program has received a litany of bad press the past couple of years, with good reason.
Since the first cohort of borrowers was eligible for forgiveness in October 2017, it seems there are have been nothing but problems in processing, approving, and disbursing the student loan forgiveness that so many were anxiously looking forward to.
That being said, I’m sticking with PSLF.
Related: There Is No Student Loan Crisis
The Bad News
Before we get into the nuance of PSLF, let’s name the elephant in the room.
PSLF has been a disaster.
The Department of Education completely fumbled the rollout and has failed to provide proper oversight of the federal loan servicers.
FedLoan Servicing is an abomination of a company and lied to borrowers about being PSLF qualified for years (and probably still are). The other loan servicers were just as culpable.
NPR sums it up best.
Here’s the problem. The first several years this program was in effect, the Ed Department and loan companies — they really did a terrible job of managing it and of…
