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Student loan forgiveness program is a ‘scam,’ financial expert Dave Ramsey says — News For Finance

Student loan forgiveness program is a ‘scam,’ financial expert Dave Ramsey says

Best-selling author and financial expert Dave Ramsey called the Public Service Loan Forgiveness (PSLF) program a “scam ” on “Mornings with Maria” Thursday, noting that only 2% of applicants get approved for relief.

“98% of the people that applied for that so far have not gotten forgiveness, only 2% – that’s known as a scam,” Ramsey said of the of the U.S. Department of Education data (DOE). 

Ramsey’s comments come as the DOE, under President Biden, announced it would waive more than $11 billion in student loans.

The department revealed that $7.1 billion was canceled for disabled borrowers and $1.1 billion for students misled by fraudulent institutions.

FAFSA MISUNDERSTOOD BY MAJORITY OF STUDENTS, STUDY SAYS

“The $11.5 billion was a normal course of business,” Ramsey told FOX…

Read full article here: www.foxbusiness.com