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[5] [6] FFEL borrowers can gain access to loan forgiveness by consolidating an existing loan with the Federal Direct Student Loan Program, but payments made before consolidating do not typically count toward loan forgiveness. However, under a new limited waiver announced October 6, 2021 by the Department of Education, FFEL loans can now be ...
(FFELP borrowers can consolidate and then apply for PSLF). Student loan servicers' employees wrongly told borrowers that they could only apply for PSLF if their employer is a nonprofit ...
Student loan forgiveness programs: Once your loans are out of default status, you can apply for forgiveness programs. For example, you might apply for the Public Service Loan Forgiveness program.
Typically, federal student loan debt forgiven under certain programs—like income-driven repayment (IDR) plans—counts as taxable income, meaning borrowers who get relief will likely have a ...
As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [64] For adults between the ages of 35 and 49, the average individual balance owed exceeded $42,000. The average debt for adults between 50 and 61 is slightly lower.
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]
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