Only 26 people approved for student loan forgiveness out of almost 34,000 who applied

Only 26 people approved for student loan forgiveness out of almost 34,000 who applied
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Only 26 borrowers have been approved out of the roughly 34,000 people who have applied to a popular student loan forgiveness plan, CNBC reported Tuesday, citing figures released by a conference held by the Education Department this week.

More than 20,000 applications are also reportedly still pending in instances where the borrowers have not been denied, CNBC also reported.

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Earlier this year, Congress authorized $350 million to make fixes to a popular student loan forgiveness plan that many financial experts said was failing.

However, some remain critical as only a handful of people have been approved for the program compared to the tens of thousands of applications for the plan.

While speaking at a conference on Tuesday, Education Secretary Betsy DeVosElizabeth (Betsy) Dee DeVosAttorneys general from 47 states ask DeVos to cancel disabled veterans' student debt The Hill's Morning Report — After contentious week, Trump heads for Japan DeVos family of Michigan ends support for Amash MORE warned of a crisis in education as the number of outstanding student loans owed to the federal government reaches nearly $1.5 trillion.

According to The Associated Press, DeVos raised a "red warning flag" and called for the government to change how it distributes student loans and also said students should have more support to take the path "that's right for them,” even if it doesn’t lead them to a traditional college.