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The student loan debt crisis arose after legislative changes over the years that create a system of largely unchecked lending to millions of students, according to a reporter and author of a new book.
American student loan debt is sky-high, with some estimates putting the total number over $2.19 trillion—that’s higher than all U.S. credit card and auto loan debt combined.
Biden administration doling out another $6.1B in student debt forgiveness — plus why they say these students were ‘cheated’ into taking on hefty loans Serah Louis May 2, 2024 at 4:06 AM
WASHINGTON (AP) — More than 260,000 former students of the now-defunct for-profit Ashford University are getting their student loans erased as the Biden administration presses ahead with debt forgiveness in its final days. Ashford was once one of the nation’s largest for-profit college companies, with more than 100,000 students.
One such client, whom he called Sarah, a recent graduate with $50,000 in student loans at an average 6% interest rate, reduced her three-year repayment term by cutting non-essential expenses and ...
One way that has been suggested to help students with loan repayment is to lower interest on balances. U.S. Senator Richard Blumenthal urged, "We must reduce the student loan interest rate back to 3.4 percent immediately, and then even lower, and develop ways for past students to reduce and erase the $1 trillion in existing debt. The failure of ...
For example, a student who took out $13,000 in loans will now have their debt wiped out if they’ve been paying it back for 11 years, or in 12 years for those who borrowed $14,000 — and so on.
“I took out $25,000 in student loans,” he said. “To some, it might not sound substantial, but for me, it was a significant investment in my future, as my first base salary was only $28,000.”