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In 1993, Congress gave the Department of Education the power to create different repayment plans for borrowers with federal student loans. But the lawsuits say the Biden administration’s SAVE ...
On Thursday, Biden's Education Department announced over $600 million in debt cancellation for 4,550 borrowers on income-based repayment plans and 4,100 borrowers who the department found were ...
The U.S. Department of Education administers federal student aid programs such as Pell Grants, direct loans and work-study programs. These initiatives help students afford to attend college and ...
Stagnating wages, rising tuition, and the shrinking of government funding for higher education result in more and more borrowers being unable to repay and are forced to carry that debt burden well into the future, "impairing economic well-being for a widening and diversifying swath of the population, inhibiting savings, increasing precarity ...
According to estimates made in 2018 from the Department of Education reports, 40% of borrowers are expected to default on their loans by 2023. Over the average length of repayment which is 19 years, 250,000 students default on their loans each quarter while 1.5 trillion outstanding dollars are still supposed to be paid. [3]
Federal, state, and local governments should reduce the regulatory burden on colleges and universities. [14] Minimize the risk of investment in higher education through loan forgiveness or insurance programs. [28] The federal government should enact partial or total loan forgiveness for student loans. [29] [30] [31]
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