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Federal student loan debt increased 267.1% between 2006 and 2023, according to the Education Data Initiative. In December, the House introduced legislation to increase the deduction limit to ...
The IRS provides a student loan interest deduction that lets borrowers subtract some of the payments from their taxable income. Find out if you're eligible.
As of 2022, over half of all college students have taken on student loans to pay their tuition. Future students will likely need loans as well and should understand their options.
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 ]
Because these loans are not need-based, the U.S. government does not pay the interest for the student while enrolled in school; they are often referred to as unsubsidized loans. The Unsubsidized Stafford Loan and Grad PLUS loans are non-need-based loans available for both undergraduate and graduate students who do not qualify for need-based ...
The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the ...
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