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Many deferment and forbearance options are offered in the Federal Direct Student Loan program. [66] Disabled borrowers have the possibility of discharge. [67] [68] Other discharge provisions are available for teachers in specific critical subjects or in a school that has more than 30% of its students on reduced-price lunch. They qualify for ...
Last October, the Biden administration announced executive actions that would bring most loans managed by the Education Department "closer to forgiveness," the Department of Education said. These ...
The White House said Friday it approved another $4.28 billion in student debt cancellation for 54,900 additional public service workers in what could be one of the Biden Administration's final act ...
The major changes to the program include: Waivers for borrowers with federally-backed but not government-owned loans. A temporary, limited PSLF waiver that allows all prior payments by borrowers ...
Federal Stafford Loans are made to students and PLUS Loans are made to parents through the William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students and parents borrow directly from the federal government at participating schools. Direct Loans include Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans.
The FFEL program was eliminated because of a perception that it benefited private student loan companies at the expense of taxpayers, but did not help reduce costs for students. The Federal Direct Loan Program has accumulated a very large outstanding loan portfolio of about $1.5 trillion and this number will continue to rise along with the ...
One of the biggest topics of 2022 has been student loan forgiveness.It hit a fever pitch in August when the White House announced a huge step in trying to mitigate the looming financial crisis for ...
Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the United States Department of Education. The FFEL was initiated by the Higher Education Act of 1965 and was funded through a public/private partnership administered at the state and local level. In 2007-08, FFEL served 6.5 ...
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