The PLSF is a bad joke. If you work are a civil servant, you registered for the PSLF loan forgiveness plan, and you have 10 years of qualified work, you can get forgiveness of a very small number of loans. The PLSF focused on the William D. Ford loans. These loans passed congress in 1992. They did not get up an rolling out until 2001'ish. 2006, the loan amounts were cut drastically. Dependent undergraduate students can borrow up to $5,500 in the first year (no more than $3,500 may be subsidized); $6,500 in the second year (no more than $4,500 may be subsidized); $7,500 in the third, fourth, and fifth years (no more than $5,500 may be subsidized), up to a total of $31,000 aggregate balance (no more than $23,000 may be subsidized). You had the chance to get a subsidized addition, which was a second loan, a Stafford loan, which is not on PLSF. So in a perfect world scenario, the most anyone could have got for a 4 year undergrad was $23,000....which was forgivable under PLSF. $23,000 won't get you through a single year, class costs (no parking, room, board, books) in a state college in Ohio. 99% of PLSF loan applications are rejected. The payout for 2021 in "forgiveness" was under $18million for the entire US.
2010, Obama cut the FFLP program, which was the big dollar loans that one could get a real education on. Up to 2006, DoED was still discouraging colleges from giving Ford loans out, as there was no money in the kitty. 2012, Ford cut grad school loans. What money that was available for Ford loans was stipend down to nothing.
The lion's share of the big debt lives in the FFLP loans, which ran from 1965-2010. If you qualify for forgiveness, all you get out of that is $10k...and that is on the stipulation you held debt between 3/14/2020 and 12/31/2022. Before 2020, yer getting nothing. 2023 and on, you are getting nothing.
The national studen loan debt number, in correlation to the Biden forgiveness plan are very over estimated. So much of this debt is not covered.
