For many of those struggling with student loans this summer, the opportunity to get their loans forgiven has become a reality.
But it was not always so.
For nearly two decades, the Federal Student Loan Forgiveness Program (FSLF) has offered financial assistance to students who could not afford the cost of a traditional loan.
And until the Federal Reserve announced a major expansion of the FSLF program in September, many of these students faced an uphill battle.
But thanks to the efforts of a team of volunteers and students who started a nonprofit called the Cornerstone Student Loan Clearinghouse, nearly 2 million people nationwide have received their loans in the past year.
This summer, they received nearly $100 million.
And they were able to use that money to buy cars, clothing, jewelry, computers, video games and even a home.
The Cornerstone ClearingHouse began in December 2016 and, over the past two years, has received nearly a million dollars from students who applied for the FSU loan forgiveness program, according to the Corner Stone Student Loan Initiative.
To help ease the financial burden on students, the Cornerstones team has partnered with the nonprofit Cornerstone Fund to create a $2 million scholarship program for students.
The $2,000 scholarship will allow students to pay for their tuition and fees at a private, nonprofit institution of higher education.
The scholarships will be distributed through the Corner Stones student lending program.
This program allows students to access federal student loan assistance in a way that they never could before, allowing them to defer or defer PLUS loans and consolidate their federal student loans into a single loan, the program said in a news release.
Students will be able to choose to defer the PLUS loan with the CornerStone Fund or consolidate their Federal student loans with the Federal Savings Bank.
The FSLR program will not be offered to students whose federal loans are in default, but those who choose to consolidate their loans will be eligible for a $3,000 cash scholarship to help cover the cost.
The program has received a $50,000 grant from the Corner stone foundation, which has been established by the Corner stones mission to create financial stability for students by providing loan forgiveness to borrowers and ensuring that students have access to education for free.
The grant will allow the Cornersts program to grow and expand, according a release from the Center for American Progress.
The goal is to provide more financial assistance for students, while also empowering them to succeed in the world of work, the release said.
The federal student debt forgiveness program has been expanded over the years to include more than 100,000 students in the United States.
It provides an average of $2.1 million in cash to borrowers over the course of a student’s lifetime.
The Federal Student Loans Forgives program has a $6,000 cap on how much borrowers can receive and is available to those who have at least 20 years of debt.
It’s also available to borrowers who have more than $100,000 in debt.
For more information on the FSA loan forgiveness, visit the Center For American Progress’ website.
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