Since PSLF is a relatively new program, we have had to guess at the number of student borrowers who will eventually benefit. Now we have some solid statistics from the Federal Student Aid Data Center. We’re pleased to see so many student borrowers taking advantage of PSLF!
Here’s what we see:
- Through June 30, 2016, almost 950,000 Employment Certification Forms (ECF) have been submitted. Of those, about two-thirds have been approved.
- As of June 30, 2016, approximately 432,000 borrowers have submitted at least one approved ECF.
Although no borrower will be eligible for forgiveness under this program until October 2017, the Department introduced a voluntary Employment Certification Form in January 2012 to help borrowers track their progress toward meeting PSLF requirements.
Borrowers are encouraged, but not required, to submit an ECF annually or whenever they change jobs to help track their progress toward meeting the PSLF eligibility requirements. Some borrowers may choose to wait until they are eligible for forgiveness before submitting documentation about their employment.
Cumulative PSLF borrowers are borrowers who have one or more approved ECFs. This report includes information only about those borrowers who have self-identified themselves as interested in PSLF based on their submission of an ECF.