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Under the program, eligible public servants, including social workers and teachers, are able to have their debt cancelled after 10 years of service and 120 loan payments made on-time. [13] Student loan borrowers eligible for PSLF relief have filed suit against MOHELA, accusing the servicer of delaying the cancellation of their debt and forcing ...
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.
In October 2017, Great Lakes Higher Education Corporation reached an agreement to sell off 100% of the stock of its subsidiary, the Great Lakes Educational Loan Services, Inc. to Nelnet. [8] The company was to be sold for $150 million, initially keeping CEO Jeff Crosby in charge, but with a plan of consolidating the companies together. [ 9 ]
These loans are issued directly to parents and the interest rate for Parent PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, is currently 8.05%, according to Sallie Mae.
In August, the Biden administration announced an executive order to forgive $10,000 in student loan debt for borrowers, along with an additional $10,000 in loan forgiveness for Pell Grant recipients.
The Biden administration has discharged another $1.2 billion in student loan debt under a key provision of the Saving on A Valuable Education, or SAVE income-driven repayment plan.. Last month ...
Under this program, teachers who provide direct classroom teaching, or classroom-type teaching in a nonclassroom setting [1] full-time for five complete and consecutive academic years in a Title 1 eligible school or school district may be eligible to receive loan forgiveness for their federal student loans.
The Hill reported in June that, according to the latest data from the Department of Education, parents of 3.6 million students owe more than $107 billion in Parent Plus loans as of March 2022.