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The Republican-led states argued in their lawsuit filed in April that the Biden administration's U.S. Education Department had exceeded its legal authority by enacting the student debt relief plan.
A federal appeals court on Thursday blocked President Joe Biden's administration from continuing to implement a new student debt relief plan designed to lower monthly payments for millions of ...
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 ...
This will bring the total amount of debt forgiveness up to $167 billion for 4.75 million student loan borrowers, or 1 in 10 debt holders, according to the Department of Education.
The current default rate for the 1.56 trillion total outstanding dollars of debt among 44.7 million borrowers is 11.4%. [15] According to estimates made in 2018 from the Department of Education reports, 40% of borrowers are expected to default on their loans by 2023.
The Biden administration discharged another $4.9 billion in student loan debt for more than 73,600 borrowers, the Education Department announced. That brings the total amount discharged since ...
Though the Supreme Court struck down President Joe Biden’s hallmark student loan forgiveness program, which promised up to $20,000 in debt relief for low- and middle-income borrowers, the ...
The new plans are the administration’s latest efforts to provide relief to borrowers of student loans after the Supreme Court struck down Biden’s original plan to cancel up to $20,000 in debt ...
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