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The federal government is discharging $37 million in student loans for over 1,200 former students who attended the University of Phoenix. The action applies to borrowers who enrolled in Phoenix ...
The Biden administration is canceling nearly $37 million of federal student loan debt for more than 1,200 borrowers who attended the University of Phoenix because it found that the for-profit ...
On Nov. 17, 2022, the Departments of Justice and Education announced changes in how student loan discharge will be treated in future bankruptcy cases. Under the new guidelines, borrowers seeking ...
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
The University of Phoenix was one of 153 institutions included in student loan cancellation due to alleged fraud. The class action was brought by a group of more than 200,000 student borrowers in 2019, assisted by the Project on Predatory Student Lending, part of the Legal Services Center of Harvard Law School. [92]
University of Phoenix leaders have said they expect the financial hit from student-loan costs to be about $1.5 million per year, according to a U of I FAQ page about the acquisition. U of I ...
Student loan default in the United States. Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after ...
Debt discharge for borrowers with an original loan balance of $12,000 or less that have been in repayment for 10 years. The most borrowers must pay toward their undergraduate loans is 5% of their ...
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