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Under the new rule, loan balances will be forgiven after 10 years of payments, instead of the current 20 years under many income-driven repayment plans, for borrowers with original loan balances ...
The latest discharges include $3.2 billion for 43,900 borrowers using the public service loan forgiveness program and waiver, and $1.7 billion for 29,700 borrowers under the one-time payment ...
March 21, 2024 at 2:55 PM. President Biden announced another sweeping federal student loan forgiveness policy, wiping out $5.8 billion in debt for 77,700 borrowers. However, only certain borrowers ...
The Department of Education reported that 2,215 borrowers had the remainder of their respective student loans forgiven under the program as of April 30, 2020 for a denial rate of 98.5%. [3] The PSLF program has received criticism and has been the subject of litigation by loan-holders trying to discharge their student loans.
Then, in late 2021, she said she had her entire remaining student loan debt — $263,585.35 — forgiven through the program known as Public Service Loan Forgiveness (PSLF).
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. [51] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [52]
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