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The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for ...
President Joe Biden is determined to provide debt forgiveness to federal student loan borrowers, despite more than a year of having his plans challenged and shot down in the courts. The...
Under other repayment plans, borrowers must make at least 20 years of payments before receiving debt forgiveness. To date, $5.5 billion has been canceled for 414,000 people enrolled in SAVE.
"Any bailout of the auto industry is really a bailout for the health benefits of the UAW. That's all it is." [48] Opponents of a bailout believe that the automakers' problems could be more efficiently resolved by a bankruptcy court with legal power to dissolve existing contracts, shedding costs, and debts that it can no longer afford.
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
This includes borrowers eligible for forgiveness under repayment plans such as the Saving on a Valuable Education Plan (SAVE) or targeted relief programs, or closed school loan discharges, except ...
The Public Service Loan Forgiveness program was created in 2007, promising college graduates that the remainder of their federal student loans would be zeroed out after 10 years working in ...
Overall, the Biden administration has cancelled more than $17 billion in debt for 725,000 borrowers, from fixing Public Service Loan Forgiveness Program to addressing the borrower defense backlog.