The Math Behind PSLF: Why 56% Get Approved Now vs 2% Before

The Math Behind PSLF: Why 56% Get Approved Now vs 2% Before If you work at a non-profit, government agency, or public university, you might be sitting on tens of thousands of dollars in student loan forgiveness — and not even know it. The Public Service Loan Forgiveness (PSLF) program went from a 2% approval rate to roughly 56%, and the data behind this transformation is fascinating. As a developer who spent a weekend digging through Department of Education data, here is what I found. The PSLF Program in 30 Seconds Make 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer, and the remaining balance on your federal student loans is forgiven. Tax-free. Sounds simple. It was not. The 2% Era: What Went Wrong When the first borrowers became eligible for PSLF in October 2017 (the program started in 2007), the results were catastrophic: Period Applications Approved Approval Rate Oct 2017 - Sep 2018 51,000+ 661 ~1.3% FY 2019 128,000+ 2,215 ~1.7% FY 2020