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Report: Reliance On Loan Forgiveness Soaring

According to a major U.S. think tank, Americans’ reliance on loan forgiveness programs to pay off student loans is soaring. Data from the Department of Education, tracked by the non-partisan New America Foundation, indicates that the number of Americans participating in one of two alternative loan-repayment plans has more than doubled in the past year, with growth showing no signs of stopping. Income-Based Repayment and Pay As You Earn are the two existing programs available to Americans who have taken out government-backed student loans. Over the past year, participation in the programs has risen from 950,000 participants, or about six percent of all student borrowers, to 1.9 million, about 10.5 percent.??

Source: Daily Caller