'Widespread debt cancellation is needed immediately,' said one advocate.
"We found thousands of borrowers still in repayment who could be eligible for forgiveness now," the GAO said.it would be taking several steps to remedy"historical failures" in IDR plans and other federal student loan programs. The department said its policy changes"will result in immediate debt cancellation for at least 40,000 borrowers."in a statement that while the department's actions represent"a good first step," they don't"go far enough.
"Today's [GAO] report shows that problems with ED's data are so severe that as few as 4% of borrowers who manage to navigate IDR's complicated requirements have actually received the relief they are entitled to," Yu noted."It defies logic to believe that such abusive practices are limited to one program. The problems identified suggest a much deeper systemic problem within the student loan system.
"We cannot rely on individual programmatic fixes to fix systemic problems," Yu added."Widespread debt cancellation is needed immediately."
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