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.
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.
Read more in The Hill.