Cost to taxpayers on loan forgiveness could skyrocket
Tom Anderson | @bytomanderson
Monday, 26 Sep 2016 | 9:54 AM ETCNBC.com
COMMENTS public service loan forgiveness. (If you borrow from a private lender, you are not eligible for the program.) Some qualified borrowers will be able to use this benefit starting next year. The ultimate cost of the program is difficult to determine.
Since 2012, borrowers could certify with the Department of Education that their employment would qualify them for public service loan forgiveness. The number of borrowers who have been certified by the department has grown rapidly, to 431,853, as of June 30, 2016 (see chart below).
"This is not a small-scale program, and borrowers enrolled in it have some of the highest levels of student loan debt," said Jason Delisle, a resident fellow at the American Enterprise Institute, a conservative think tank.
The median debt load of those enrolled in public service loan forgiveness is more than $60,000, and nearly 30 percent of people who have been certified for the program have borrowed more than $100,000, according to a recent analysis Delisle did for the Brookings ...
http://www.cnbc.com/2016/09/26/cost-to-taxpayers-on-loan-forgiveness-could-skyrocket.html
Tom Anderson | @bytomanderson
Monday, 26 Sep 2016 | 9:54 AM ETCNBC.com
COMMENTS public service loan forgiveness. (If you borrow from a private lender, you are not eligible for the program.) Some qualified borrowers will be able to use this benefit starting next year. The ultimate cost of the program is difficult to determine.
Since 2012, borrowers could certify with the Department of Education that their employment would qualify them for public service loan forgiveness. The number of borrowers who have been certified by the department has grown rapidly, to 431,853, as of June 30, 2016 (see chart below).
"This is not a small-scale program, and borrowers enrolled in it have some of the highest levels of student loan debt," said Jason Delisle, a resident fellow at the American Enterprise Institute, a conservative think tank.
The median debt load of those enrolled in public service loan forgiveness is more than $60,000, and nearly 30 percent of people who have been certified for the program have borrowed more than $100,000, according to a recent analysis Delisle did for the Brookings ...
http://www.cnbc.com/2016/09/26/cost-to-taxpayers-on-loan-forgiveness-could-skyrocket.html
