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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.
U.S. District Judge John Ross in St. Louis had in June blocked the administration from continuing to provide debt forgiveness for some smaller loans in as few as 10 years, compared to the 20- or ...
Total student loan debt, currently $1.76 trillion, continues to climb as a number of borrowers do not have access to debt relief, according to the Education Data Initiative. Notably, 47.9 million ...
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 would reduce debt for an estimated 43 million borrowers and eliminate student loan debt for an estimated 20 million. [158] The Congressional Budget Office estimated that it would cost the government about $400 billion. [159] [160] [161] The administration also proposed a new income-driven repayment plan. [162]
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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