Money magazine has published a report by National Consumer Law Center and the Student Borrower Protection Center explaining how 2 million borrowers missed the opportunity to have their student loans paid off.
Only 32 people out of 2 million borrowers were able to receive help with their student loans. “The fact that only 32 borrowers, out of the millions paying for 20 or more years, have received cancellation through the programs created to ensure an affordable pathway out of debt is proof that those programs have failed, said Persis Yu in a press release. Yu is the director of the National Consumer Law Center’s Student Loan Borrower Assistance Project.
The report states that 2 million borrowers have been repaying their undergraduate debt for at least two decades. An acceptable time period that would have qualified them for loan forgiveness if they would have enrolled into the right program 20 or so years ago.
Are government and/or financial aid officials properly doing their jobs when it comes to advising students about their financial aid options? Read more about the report here: About 2 Million Borrowers Missed an Opportunity to Get Their Student Debt Forgiven