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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 ...
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