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As of May 2023, around 492,000 borrowers have received loan forgiveness through a TPD discharge, according to the U.S. Department of Education’s (ED’s) Federal Student Aid site.
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 ...
Although the U.S. Department of Education appears ready to begin cancelling up to $20,000 in student loan debt per approved borrower, nothing can be done until a number of lawsuits — many of ...
The Higher Education Relief Opportunities For Students (HEROES) Act ( Pub. L. 108–76 (text) (PDF)) was legislation passed unanimously by the United States Congress and signed into law by President George W. Bush on January 16, 2002. It was extended and amended in 2003, extended in 2005, and made permanent in 2007.
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]
Looking at Public Service Loan Forgiveness, there are 890,516 borrowers and 41,221 submitted applications, only 423 of these applications were approved. This translated into about $12.3 million of forgiven loans, leaving the rest of the hundreds of millions left to be paid. [15]
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