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William David Ford (August 6, 1927 – August 14, 2004) was a U.S. Representative from Michigan and namesake of the Federal Direct Student Loan Program.
[2] [3] The program is named after William D. Ford, a former member of the U.S. House of Representatives from Michigan. Following the passage of the Health Care and Education Reconciliation Act of 2010, the Federal Direct Loan Program is the sole government-backed loan program in the United States.
On October 6, 2021, the Biden administration announced a temporary waiver allowing past payments to qualify even if they had the wrong loan type or payment plan. [11] As of March 2022 100,000 people have had over $6.2 billion of student loans canceled as a result of the waiver, [12] however, many problems still persist.
The federal government provided more details on its plan to adjust the payment histories of millions of student loan borrowers, a move that will get them closer to debt forgiveness.
The phrase is an umbrella term for four specific repayment plans that are available within the William D. Ford Federal Direct Loan Program (FDLP, FDSLP, Direct Loan) and the Federal Family Education Loan Program (FFEL). The four plans are: Income-Based Repayment (IBR) Pay As You Earn (PAYE)
In July 2021, the U.S. Second Circuit Court of Appeals ruled that private student loans are dischargeable in bankruptcy, [42] following two other cases. [43] In August 2021, the Biden administration announced it would use executive action to cancel $5.8 billion in student loans held by 323,000 people who are permanently disabled. [44]
The cohort default rate only tracks a portion of borrowers –- those who default within the first three years of repayment. [5] The short monitoring period can make the measure vulnerable to manipulation by schools. In 2018, the GAO, a government watchdog, found that schools may use tactics to delay their students' default. Some schools hired ...
William Prince Ford (1803–1866), preacher and farmer in pre – Civil War Louisiana; William Ford (prospector) (1852–1932), discovered gold in Australia, 1892; William Justice Ford (1853–1904), English schoolmaster, known as a cricketer and sports writer; William P. Ford (1936–2008), advocate for the people of El Salvador