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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]
In August 2022, the administration used the Act again to announce student debt cancellation of up to $20,000 and several other reforms. [7] [16] Following litigation brought by several Republican-led state governments, the Supreme Court ruled in Biden v. Nebraska (2023) that the statute did not permit the administration's debt forgiveness ...
That’s about one-third of the amount of student loan debt that would have been canceled by the forgiveness program rejected by the high court, which would have canceled up to $20,000 for ...
The government's efforts to reform the system piece by piece instead of broad-based forgiveness has chipped away at the $1.7 trillion in outstanding student loan debt held by 41 million Americans.
The Supreme Court is set to hear oral arguments on Tuesday over President Biden’s student loan debt relief plan, which aims to wipe away up to $20,000 of student debt for more than 40 million ...
According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15] The government combats this large outstanding balance with student loan forgiveness which come in several forms, the two most popular being Public Service Loan Forgiveness and Teacher Loan Forgiveness ...
More than 35,000 borrowers will have $1.2 billion in student debt discharged under the public service loan forgiveness program, the Biden administration announced Thursday.The program impacts ...
As of May 2024, The Biden-Harris Administration has provided $153 billion in debt relief to nearly 4.3 million student loan borrowers. In the summer of 2023, the Supreme Court ruled to strike down ...
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