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The U.S. Education Department said Wednesday it will reopen two major student loan repayment programs to new enrollments while President Joe Biden's signature plan is on hold amid court challenges.
There were around 7.5 million federal student loan borrowers in default, the Education Department said in 2022, when it launched its mulligan program. That grim figure led to comparisons with the ...
One month before President Biden leaves the White House, the Biden administration announced it has forgiven student loan debt for 54,900 public service workers.
Biden's administration posted notices to withdraw its broader student-loan-forgiveness plans. Amid lawsuits, the Education Department wrote that it stands by the legality of its debt-relief plans.
The Biden administration indicated Friday it plans to scrap his latest student loan forgiveness proposals, which could have wiped away debts for tens of millions of Americans and cleared new paths ...
The Biden administration released its latest proposal to cancel student loans for millions of Americans on Friday, pushing ahead with the effort even as its other major attempts at debt relief ...
Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment. [1]
The regulations would authorize the U.S. secretary of education to automatically cancel the debts of potentially millions of student loan borrowers whom the government expects will likely default ...