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The agency created the Payday Alternative Loan program to provide “a viable alternative” that could provide a lower cost in the short term and, in the long term, “offer borrowers a way to break the cycle of reliance on payday loans by building creditworthiness and transitioning to traditional, mainstream financial products.
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Department of Education announced today a new process to proactively identify and assist federal student loan borrowers with disabilities who may be eligible for Total and Permanent Disability (TPD) loan discharge.
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