The NYT's Six Percent Solution for Student Debt

[BeckyDem]

(excerpt ) After outlining proposals by Bernie Sanders and Elizabeth Warren for large-scale forgiveness of student loans, Carey writes:

What’s strange about the new crop of proposals is that the Department of Education already has a public service loan forgiveness program, called PSLF, which President George W. Bush signed into law in 2007.

Sure, Carey admits, almost no one who applies for this program has their debts forgiven:

In the 18 months after borrowers with a decade of service in government or nonprofit jobs first became eligible in 2017, 73,554 people applied to have their student loans wiped out. And 73,036 were turned down—a rejection rate of 99.3 percent.

But that’s a problem that’s going to work itself out over time, Carey explains at great length—applicants will figure out over time how to make themselves eligible for this extremely convoluted program. The bottom line, writes Carey:

https://fair.org/home/the-nyts-six-percent-solution-for-student-debt/?awt_l=NSymG&awt_m=gp9.53blLIR._TQ

[rzemanfl]

1. Voodo math. I don't get it. 7/10ths of a percent are getting approved.

Half the loans are eligible, 25% of people qualify.

[BeckyDem]

2. In the comments section someone picked up on it too.

July 25, 2019 at 7:03 pm

Um, not quite. Your mockery of Carey’s article is spot on, but your math is off.

“Nearly half” of $870 billion is available for loan forgiveness. Supposing it is half, that’s $435 billion available.