A Connecticut student loan forgiveness program that was allocated $6 million in its first year has paid out $1.4 million, according to state officials.
The state’s Higher Education Office approved 558 out of 1,800 applications it received, and paid reimbursements ranging from $8 to $2,700, said Tim Larson, the higher education commissioner, at a meeting of a legislative working group that’s seeking more relief for Connecticut borrowers on Tuesday.
"We are anticipating the same number of borrowers coming back to us and looking for another round of financing, and then hopefully newer individuals now that the program has had a year,” Larson said.
The $4.4 million balance in the fund will be rolled over after administrative expenses. They’ll start considering new applications on Aug. 15.
To qualify, applicants must have attended and graduated from a college or certificate program in Connecticut, lived in the state for the last five years, and paid into a state or federal-sponsored student loan.
They must also have done 50 hours of community service at a Connecticut nonprofit.
