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With student loan payments for many borrowers set to start up again in October 2023, you may be wondering if you have any recourse. The SAVE Plan may help some borrowers reduce their payments down ...
The Federal Reserve Bank of New York's February 2017 Quarterly Report on Household Debt and Credit reported 11.2% of aggregate student loan debt was 90 or more days delinquent. [ 31 ] On July 25, 2018, Education Secretary Betsy DeVos issued an order declaring that the Borrower Defense Program (enacted in November 2016), [ 32 ] would be replaced ...
The proposal was unsuccessful, but the department stopped processing borrower defense claims while fighting challenges in court. As a result, a backlog of more than 200,000 claims piled up ...
Since President Joe Biden took office, the Department of Education has canceled about $14.5 billion in student loan debt under the borrower defense program, CNN noted. Nearly 1.1 million borrowers ...
Last August, the Department of Education announced that it would cancel all remaining federal student loan debt people took out to attend ITT Technical Institute from 2005 to its closure in 2016 ...
In 2018, the group joined the American Federation of Teachers to launch an investigation into the failure of the Public Service Loan Forgiveness program. [15] Over the course of three years, Student Borrower Protection Center supported litigation by teachers and uncovered evidence of government mismanagement and industry abuses across the student loan system, including evidence that Public ...
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