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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 ...
Public Service Loan Forgiveness. The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time ...
In October 2021, the Biden administration used the HEROES Act to reform a student debt forgiveness program for public workers. [15] In August 2022, the administration used the Act again to announce student debt cancellation of up to $20,000 and several other reforms.
The debt relief is part of the Biden Administration’s larger effort to fulfill their previous campaign promise of student loan forgiveness.
Student loan defaults are disproportionately common in the for-profit college sector. [8] Around 2010, about 10 percent of college students attended for-profit colleges, but almost 40 percent of all defaults on federal student loans were to for-profit attendees. [9] The schools whose students have the highest amount of debt are University of Phoenix, Walden University, Nova Southeastern ...
The Biden administration said Friday that is using existing student loan forgiveness programs to cancel another round of student debt, totaling $7.4 billion for 277,000 borrowers.
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 economic policy of the Joe Biden administration, dubbed Bidenomics (a portmanteau of Biden and economics ), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.