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Friday, Mar. 5, 2021

Has the federal government taken steps to lighten student debt burdens in recent years?

Lisa Freedland, Gigafact
yes

The federal government has made legislative and regulatory changes in recent years in an effort to lighten debt burdens on student borrowers, including:

Terminating federally-backed student loans made through private lenders.Lowering the monthly repayment rate of income-based plans from 15% to 10% of borrowers' income above the poverty line.Shortening the amount of time before borrowers enrolled in the plans may have their balance forgiven from 25 years to 20 years.Making it easier for students to recoup tuition lost to fraudulent practices by colleges and universities.Waiving new interest on student debt and suspending required repayments during the coronavirus pandemic.

Student debt remains a burden for many Americans and a political challenge for the Biden administration. The debt has more than tripled since the Federal Reserve began collecting data in 2006 and now totals $1.7 trillion.

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