Record-keeping failures by the federal government may have left thousands of Americans saddled with student debt that should have been automatically canceled.
Record-keeping failures by the federal government may have left thousands of Americans saddled with student debt that should have been automatically canceled through a benefit for low-income borrowers, according to a new federal study.
Investigators said they couldn’t verify why the loans hadn’t been forgiven — gaps in the Education Department’s data made it impossible to know for sure. But they suggested it could be the result of poor record-keeping. Created in 1994, the income-driven repayment program was meant to provide a safety net for people who struggle to repay student loans. The program now offers five repayment options that provide reduced monthly payments based on income and family size. The balance is supposed to be automatically forgiven after 20 or 25 years, depending on the plan.
In a response to the report, Education Department officials acknowledged the failures of the program and promised improvement. They also acknowledged the need to act quickly. The department called it a one-time revision “to correct for data problems and past implementation inaccuracies.”Borrower rights advocates applauded the changes but also called for broader improvements to the program, which has long been criticized for being overly complex.in Congress have urged the department to replace existing income-driven repayment plans with a single, more generous plan.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Americans suffer deadly fentanyl overdoses in record numbers“She chose to take a pill—but she didn't choose to die.' ABCNewsLive examines how some parents are learning the deadly reality of fentanyl only after their children have suffered a fatal overdose:
Leer más »
Bridgerton Season 2 Breaks Season 1's Netflix RecordBridgerton Season 2 has officially broken a Season 1 Netflix record, becoming the streamer's most popular English-language TV series of all time.😮
Leer más »
Pritzker signs Illinois budget as Republican rivals take aim at governor's tax hike recordIllinois Gov. JB Pritzker signed the 2023 budget on Tuesday and said the plan makes historic investments in education, healthcare and human services.
Leer más »
Solana's STEPN hits record high as GMT price skyrockets 34,000% in over a monthOverbought risks emerge in the STEPN (GMT) market, but strong hype around move-to-earn tokens keeps fundamentals bullish.
Leer más »
Indy CD & Vinyl celebrates 20th anniversary with free music festival, plus Record Store DayThe 15th Annual Record Store Day takes place on Saturday, April 23, and Indy CD & Vinyl celebrates its 20th anniversary on Sunday, April 24. It will be one big, busy weekend at the Broad Ripple staple.
Leer más »
Friday Harbor arson suspect has criminal record, crashed car into home while DUINew details are emerging about the criminal history of the man accused of intentionally burning down several businesses in Friday Harbor, just over a week ago. FOX13
Leer más »