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In 2022, the Department of Education announced a one-time payment adjustment that will count certain months toward student loan forgiveness for borrowers with an income-driven repayment (IDR) plan.
Forbes reported that the Education Department is currently implementing what it calls the IDR account adjustment. Through this initiative, past loan periods will count toward 20- or 25-year ...
Around 3.6 million borrowers will receive at least three years of credit toward loan discharge as a result of the adjustment, according to Federal Student Aid (FSA). The move is separate from the ...
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [1]
On Friday, the Department of Education announced that it will begin discharging student loan debts for borrowers who’ve been in repayment for 20-25 years under a one-time payment adjustment ...
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [1]
If you are unsure who services your loan, or if the servicer changed during the pandemic, visit your student aid account dashboard and scroll to “my loan servicers” or call 1-800-433-3243 ...
An education loan is a loan taken out by the student (or parent) in order to pay for educational expenses. Unlike scholarships and grants, this money must be repaid with interest. Educational loan options include federal student loans, federal parent loans, private loans, and consolidation loans.