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The Biden administration is launching a beta website for its new income-driven student loan repayment plan today, officials told CNN, allowing borrowers to begin submitting applications for the ...
President Joe Biden, joined by Education Secretary Miguel Cardona, speaks on student loan debt at the White House on Aug. 24, 2022, in Washington, D.C. Credit: Alex Wong/Getty Images (Alex Wong ...
The Biden administration has attempted to find alternatives to reduce student loan debt to fulfill a campaign promise after an initial plan to relieve up to $20,000 in student loans for millions ...
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]
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 public service. [ 1]
The US first major government loan program was the Student Loan Marketing Association (Sallie Mae), formed in 1973. [20] [clarification needed] Before 2010, federal loans included: loans originated and funded directly by the Department of Education (ED) government guaranteed loans originated and funded by private investors.
The new strategy comes months after the U.S. Supreme Court struck down an ambitious earlier White House plan that would have provided up to $20,000 in loan forgiveness per borrower. That plan ...
As a comparison, Biden’s student loan forgiveness program was expected to cost about $400 billion. The SAVE repayment plan has gone through a formal rulemaking process at the Department of ...