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The Biden-Harris administration announced early this morning that it will automatically discharge $1.2 billion in federal student loans for eligible borrowers. This move is anticipated to impact ...
The Biden administration has discharged $45.6 billion for 930,500 borrowers under income-driven repayment plans, which include the one-time payment adjustment and the SAVE discharges.
On Wednesday, the Biden Administration announced $1.2 billion in additional student loan forgiveness for more than 150,000 borrowers. This particular round of forgiveness was previously announced ...
February 21, 2024 at 5:04 AM. By Jeff Mason. WASHINGTON (Reuters) - President Joe Biden's administration said on Wednesday it is cancelling $1.2 billion worth of student loans for some 153,000 ...
In April 2024, the Biden administration initiated the forgiveness of $7.4 billion in student loan debt for 277,000 borrowers, as part of its broader strategy to address the issue. This action added to the $153 billion already forgiven for nearly 4.3 million individuals, reflecting the administration's ongoing efforts in tackling student loan debt.
The Biden administration is canceling $1.2 billion in student debt for about 153,000 borrowers who took out relatively modest student loans and have been repaying it for the last decade or more.
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs.
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [1]
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