Your analysis is missing two major things. PSLF started in 2007 but wasn’t just for new borrowers. The first year people could have qualified for forgiveness

Your analysis is missing two major things. PSLF started in 2007 but wasn’t just for new borrowers. The first year people could have qualified for forgiveness was in 2017. The vast majority of people who applied for forgiveness between 2017 and 2021 were denied. The reason so few people were qualifying before the program and rules were streamlined was because the rules were confusing and obtuse. Also servicers misled people by telling them they were in the program when they weren’t. The Dept of Ed under Trump’s secretary went out of the way to block loan forgiveness under another program. I say this to give an example of how bad things were run for some programs. Prior to the current secretary of Ed these things were a shitshow. They still are to some extent but much less so.