For workers employed in the public and nonprofit sectors, the Public Service Loan Forgiveness (PSLF) program offers the potential for full forgiveness of federal student loans for those with 10 years of full-time work experience. A year-long waiver issued by the Department of Education in 2021 to address administrative problems in program access…

We explore how much borrowers value student debt relief, in the setting of the federal Teacher Loan Forgiveness (TLF) program, and further document whether information and eligibility for this program affect teacher employment decisions. The program cancels between $5,000 and $17,500 in debt for teachers who remain employed in a high-need school…

In 2008, Maine implemented the Educational Opportunity Tax Credit (EOTC), a tax credit that repays up to $4,400 of student loan debt to filers who live in Maine, work in Maine, are paying towards their student debt, and who have an eligible degree. In 2019, Maine Revenue Services (MRS) provided 14,341 EOTC tax credits to 19,798 people, with annual…

On August 24, 2022, President Biden announced that his administration would be cancelling $10,000 -- $20,000 of student debt for middle- and lower-income borrowers. Naturally, this announcement has unleashed a wave of follow-up questions among borrowers. This fact sheet is intended to help Californians with student loans navigate the process of…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

The Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) Program awards grants to students who intend to teach, to help pay for their postsecondary education. TEACH Grants are available to eligible students who are enrolled at a school that participates in the TEACH Grant Program, in a program of study that the school…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

When a college closes, it can derail the education of many students, leaving them with loans but no degree. Those who cannot complete their education may be eligible to have their federal student loans forgiven through a "closed school discharge" from the Department of Education (Education), but this process has changed in recent years.…

Through the higher education act (HEA) reauthorization, congress has several opportunities to improve and simplify student loan repayment for borrowers. To address the challenges students face when repaying their loans, congress should simplify the existing federal loan repayment plans, strengthen public service loan forgiveness, eliminate loan…

U.S. citizens or permanent residents, enrolled at least half time in a qualified program at a participating school, not in default on a prior federal student loan, and not previously convicted of a drug offense while receiving federal financial aid are eligible to apply for a student loan. This chart summarizes the interest rates, loan limits, and…

This document records testimony from a hearing before the Subcommittee on Early Childhood, Elementary, and Secondary Education that was held to examine the impact of COVID-19 on the future of higher education. Member statements were presented by: (1) Honorable Susan A. Davis, Chairwoman, Subcommittee on Higher Education and Workforce Investment;…

In December 2019, Congress enacted and the President signed the Fostering Undergraduate Talent by Unlocking Resources for Education Act (FUTURE Act; P.L. 116-91). The law The law amends the Higher Education Act (HEA) to permanently authorize mandatory funding for grant programs to support HBCUs and MSIs. Authorization for this funding had expired…

This guide is intended for college financial aid administrators and counselors who help students begin the aid process--filing the Free Application for Federal Student Aid (FAFSA®) form, verifying information, and making corrections and other changes to the information reported on the FAFSA. The Federal Student Aid Handbook consists of the…

This article estimates the effects on depressive symptoms, family relationships, social support, and academic self-efficacy of participating in a forgivable loan program, using an instrumental variable (IV) estimation strategy. In particular, we estimate local average treatment effects (LATE) of program participation on these variables, using…

The William D. Ford Federal Direct Loan (Direct Loan) program makes several types of federal student loans available to individuals to assist them with financing postsecondary education expenses. It represents the single largest source of federal financial assistance to support students' postsecondary educational pursuits. The U.S. Department of…