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In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
The average federal student loan debt per person in Georgia has grown to more than $40,000, according to a Chamber of Commerce report. This puts the Peach State as the No. 3 most student-debt ...
The CFPB filed a lawsuit against Corinthian in September 2014 over its loan program and debt collection practices. [71] In April 2015, the college was fined almost $30 million by the U.S. Department of Education. The department found the school had misled students and loan agencies about the prospects for graduates to find jobs. [72]
The Higher Education Act has been proposed as a potential way to cancel student loan debt. According to a paper by the Legal Services Center at Harvard Law School and commissioned by Senator Elizabeth Warren in September 2020, the Secretary of Education may be able to cancel student loan debt. [54] Following Biden v.
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. [ 1]
Rather, ask for the debt collection notice they're required to give you within a 5 day period. The amount of time that a debt collector can legally pursue old debt varies by state and type of debt ...
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