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The White House said Friday it approved another $4.28 billion in student debt cancellation for 54,900 additional public service workers in what could be one of the Biden Administration's final act ...
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]
Repayment plans vary according to lender and recipient, and can be based upon income, a fixed rate, a variable rate, or on systems of conditionality. For individuals who are unable to budget, or contain expenses, entering and thereafter completing repayment plans can be extremely difficult and result in poverty, bankruptcy or homelessness.
The administration said it will spend nearly $4.3 billion to cancel student debt for 55,000 such workers, the result of fixes made to the Public Service Loan Forgiveness Program.
Friday’s announcement of $4.28 billion in student debt relief is expected to be the final round of public service loan forgiveness before Biden leaves office next month.
This commonly refers to a personal finance process of individuals addressing high consumer debt. Debt management plans help reduce outstanding, unsecured debts over time to help the debtor regain control of finances. The process can secure a lower overall interest rate, longer repayment terms, or an overall reduction in the debt itself. [2]
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 program.
AT&T Internet is an AT&T brand of broadband internet service. Previously, AT&T Internet was branded as U-verse Internet and bundled with U-verse TV, which was spun off into the newly independent DirecTV in 2021. AT&T Internet plans powered by fiber-optic cable use the AT&T Fiber brand.