Student Loan Forgiveness 2024 News And Facts. It was estimated to cost $400 billion and cancel at least some student debt for more than 40 million people. The education department announced the cancellation of $7.7 billion in student loans for people who received public service loan forgiveness, such as teachers, nurses and law enforcement.
The department of education will pause student loan payments for 8 million borrowers after a federal appeals court temporarily blocked a repayment plan that the biden administration launched last. The administration’s new plan would cancel debt for all borrowers with only undergraduate student debt who entered repayment 20 or more years ago and cancel loans for borrowers with any.
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