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The Education Department formally proposed the new repayment plan on Tuesday by publishing it in the Federal Register.
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President Biden is also extending a pause on federal student loan payments through the end of 2022.
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The action is intended to overhaul relief programs that have been criticized for their burdensome paperwork requirements.
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Student loan payments were scheduled to resume May 1 after being halted since early in the pandemic.
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Nevada Attorney General Aaron D. Ford announced that Navient, one of the nation’s largest student loan servicers, will provide relief totaling…
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Interest rates will remain at 0% during that period, and debt collection efforts will be suspended.
Borrowers are still responsible for replacement costs for lost items.
Treasury Secretary Steven Mnuchin says any loan exceeding $2 million from the Paycheck Protection Program will result in an audit before the loan is forgiven.
The Federal Reserve says it will suspend some of its bank supervisory activities to give banks more leeway in dealing with financially strapped customers.
Finance
The U.S. Department of Education has announced several actions that will provide relief to Nevada student loan borrowers experiencing financial difficulties resulting from COVID-19.