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The federal student loan program was criticized for not adjusting interest rates according to factors under students' control, such as the choice of academic major. Critics have contended that flat-rate pricing contributes to inefficiency and misallocation of resources in higher education and lower productivity in the labor market. [ 15 ]
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According to the National Center for Education Statistics, the cost of tuition shot up over 13% from 2011-2021 to 2021-2022, forcing more students to rely on loans to get through their education.
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. ... the loan has been transferred to another loan servicer. Student loan interest rates, repayment terms and ...
When it comes to federal student loans, interest rates are determined by Congress each year. This interest rate is valid from July 1 of the current year until June 30 of the following year and is ...
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]