Meet a Navy officer who just got $323,000 in student loans forgiven and said public service was 'the only way' he could have paid off his debt
Jared Weegmann had $323,000 student loans forgiven through the Public Service Loan Forgiveness program."We completed our review of your repayment and qualifying employment history under the PSLF Program rules including the limited PSLF waiver, and awarded PSLF credit based on these requirements," the letter to Weegmann reviewed by Insider said."We determined you have successfully met the requirements of the PSLF Program and your loans listed below have been forgiven.
The waiver allowed Weegmann to count one year of payments on student loans he made during his time as a personal trainer at the YMCA, which is a nonprofit, and he said that when he"got the letter that says your loans are completely forgiven, it was amazing.""It was basically indentured servitude to pay off my debt," Weegmann said.
"But I don't think that the juice is worth the squeeze or the payoff, if getting the degree is worth it," Weegmann added."Because if you don't do public service, you're going to be saddled with that debt. I mean, how long would it take to pay that off? Probably never."Weegmann stressed that his diligence in his PSLF paperwork was key in getting his loans forgiven.
But many other borrowers who have been diligent with their paperwork and have been in public service for far more than ten years are still waiting for their loans to be forgiven. Leading up to Biden's presidency, 98% of borrowers who applied to the program were being denied over a range of administrative errors, like writing the date in the improper format or missing a signature on the paperwork.
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