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Another round of forgiveness was announced Thursday, bringing the total amount of student loan cancellation to more than $175 billion for nearly 5 million people since President Joe Biden took office.
The Supreme Court this summer struck down Biden's more sweeping student loan debt relief plan, which would have allowed around 43 million eligible borrowers to cancel up to $20,000 each in debt.
Last month, the Biden-Harris administration officially launched the Saving on a Valuable Education (SAVE) plan, which aims to cancel more than $117 billion in student loan debt for 3.4 million...
In 2021, student loan servicers began dropping out of the federal student loan business, including FedLoan Servicing on July 8, Granite State Management and Resources on July 20, and Navient on September 28. [40] According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all ...
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
As part of the U.S. federal government's response to the COVID-19 pandemic, the Federal Student Aid (FSA) office initiated a temporary pause on student loan payments alongside a 0% interest rate. [2] In June 2020, the DOE announced that MOHELA was one of five servicers that would help oversee the federal student loan portfolio in order to bring ...
A total of 26.26 million student loan borrowers have applied or were deemed automatically eligible for relief under President Joe Biden's student loan forgiveness program, and there are 16.48 ...
More: 5 Potential Shakeups to Student Loan Repayments Expected in the New Year As for the Department of Education, a spokesperson told CBS that “communicating clearly and accurately with ...
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