The federal student loan program has been plagued with problems, including a botched rollout of a new application form that delayed its availability for the last two years of the Biden administration.

About half of all undergraduate students receive federal aid each year, according to the Institute of Education Sciences. More than 40 million people currently have federal student loans, including 9.2 million in default and 2.4 million in late-stage delinquency, according to the Education Department.

 

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