4 ms·
Article is clear. $700 million funding for this secondary phase program. Only 262 applicants had success; 38,198 no success. So program costs 2.67 million pe
by droithomme 8y ago
Article is clear.
$700 million funding for this secondary phase program.
Only 262 applicants had success; 38,198 no success.
So program costs 2.67 million per successful applicant. With loans between a few thousand and a quarter million dollars. Let's say $40,000 on average, which is 10.5 million for all of them spent, and the remaining $690 million is thus the administrative overhead.
People OK with this seem to believe the $690 million in administrative overhead is money well spent and the $10.5 million spent on actual loan payouts is nearly an extravagance.
Interesting.
- dragonwriter 8y agoThere's a not-insignificant school of thought in American politics that it is vastly more important to prevent people from getting benefits who are not ideal recipients than it is to make sure people who should get benefits do. This spending ratio is in line with those priorities.
- lamarpye 8y agoI'll bet you went to the same school as the OP.
- rayiner 8y agoWhere on earth did you get that? $700 million is a pot of money available to help out those who didn’t properly qualify for the PSLF program. The rejected a bunch of applications (surprise, people who couldn’t figure out the instructions the first time couldn’t figure them out the second time). Nothing in the article suggests they spent the rest of the money.
- coryrc 8y agoThe money wasn't spent. It's staying to pay down public debt instead of private debt.
- duxup 8y agoI don't think that because the money isn't used that means that it all goes to "administration".