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The US first major government loan program was the Student Loan Marketing Association (Sallie Mae), formed in 1973. [19] [clarification needed] Before 2010, federal loans included: loans originated and funded directly by the Department of Education (ED) government guaranteed loans originated and funded by private investors.
In the summer of 2023, the Supreme Court ruled to strike down Biden’s student loan forgiveness program, which would have canceled up to $20,000 of debt for roughly 43 million eligible borrowers.
These federal loans, although unsubsidized, are far superior in interest rate and repayment terms to private student loans. Federal Perkins Loan (Perkins Loan) Program: This is a school-based loan program for eligible students with exceptional financial need.
There are a number of student loan forgiveness programs out there for people who work in public service, education, health care and other fields. If you’re struggling with debt, we’ve done the ...
The two programs include a second attempt at providing sweeping student loan forgiveness for millions of borrowers under the Higher Education Act, known colloquially as "Plan B," which comes after ...
The legislation significantly expanded the student loan program by creating an "unsubsidized" version of the loans available to any student, regardless of whether the financial aid formulas determined that they had unmet need. [9] In the 1992 presidential campaign universal access to loans had become a policy supported by both major candidates ...
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