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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 ...
The Bipartisan Student Loan Certainty Act of 2013 was a bill signed into law by President Barack Obama on August 9, 2013, [1] which, after more than a month of contentious debate between both parties about higher education and how the government should distribute loans, sets federal student loan rates to financial markets on all DIRECT student ...
Biden administration has canceled $9.5 billion in student debt so far. Federal actions amid the pandemic led to roughly $100 billion in total student loan forgiveness between March 2020 and ...
The Biden administration has approved the discharge of student loan debt for more than 615,000 borrowers since October 2021 under temporary changes to the public service loan forgiveness ( PSLF ...
High-profile government figure John B. King, Jr., the education secretary under former President Barack Obama and current Maryland gubernatorial candidate, has publicly backed forgiving federal...
As of 2018, Canada is ranked third in the world (behind Russia and South Korea) for the percentage of people ages 25–34 who have completed tertiary education. [1] As of September 2012, the average debt for a Canadian post-university student was 28,000 Canadian dollars, with this accumulated debt taking an average of 14 years to fully repay based on an average starting salary of $39,523. [2]
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.