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Full-Text Articles in Law
Could The Benefits Of The Public Service Loan Forgiveness Program Be Retroactively Curtailed?, Gregory S. Crespi
Could The Benefits Of The Public Service Loan Forgiveness Program Be Retroactively Curtailed?, Gregory S. Crespi
Faculty Journal Articles and Book Chapters
There is a sharp tension between the expectations that hundreds of thousands to millions of persons have or will have regarding their right to have their federal student loan debts forgiven under the Public Service Loan Forgiveness (“PSLF”) program and the legitimate public concerns regarding the large costs and regressive incidence of the PSLF program’s benefits. In 2017, the Trump Administration proposed abolishing the PSLF program for future federal Direct Loans, but this proposal was not adopted. A similar proposal was made in 2019 as part of the Administration’s fiscal 2020 budget proposal, with little chance of adoption. But given …
Why Are 99% Of The Applications For Debt Discharge Under The Public Service Loan Forgiveness Program Being Denied, And Will This Change?, Gregory S. Crespi
Why Are 99% Of The Applications For Debt Discharge Under The Public Service Loan Forgiveness Program Being Denied, And Will This Change?, Gregory S. Crespi
Faculty Journal Articles and Book Chapters
During the first 18 months after October 1, 2017 that student loan borrowers were able to apply for tax-free debt forgiveness under the Public Service Loan Forgiveness program a striking 99% of the 76,002 applications that have been fully processed have been denied. The more recently adopted Temporary Expanded Public Service Loan Forgiveness program also has a 97% to 99% application denial rate, depending on how it is calculated. This short article discusses the various factors that may be contributing to such a bizarrely high denial rate, and why the number of applications filed and the proportion of applications filed …