Updates from the Education Department Series of Student Help Quarterly Data Reports June 14, 2021 Contact: Press Office, (202) 401-1576, Press@ed.gov
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    Today, Federal Student Aid (FSA) launched Two new quarters of quarterly portfolio reports on their data center website with key data and other information on federal student aid programs as of December 31, 2020 and March 31, 2021.

    "We are committed to sharing data and information so that all Americans can better understand the value of the federal support of students and how it really works," said FSA head, Richard Cordray. "We are living through new times, and the numbers show it, we are also highlighting recent improvements in the public service loan forgiveness program, while underlining the need for more work to fulfill the original promise that Congress made to the Congress Police officers, firemen, teachers, and many others ".

    The reports reflect the new flexibilities applied to the accounts of the lender as prescribed in the Aid, Relief and Economic Safety Act of Coronavirus (Cuiders) and extended by executive actions until September 30, 2021. . As a result, payments have been paused, interest is repaid, and collections stop at all student loans from the Department of Education, as well as unfulfilled loans administered by guarantee agencies.

    FSA has also redesigned the public service loan forgiveness report (PSLF) to align its reporting structure with the new application process recently implemented. This report highlights the need to continue improvements in the PSLF and PSLF (TEPSLF) programs expanded temporarily and FSA will refine and expand this document in future reports. In addition to the two new quarterly reports, FSA launched updated figures for metric reports and performance assignments of the administrator, and defense of the borrower for reimbursement. FSA publishes these reports to its FSA data center to support open government initiatives to help ensure consistency and increase transparency.

    General portfolio

    As of March 31, 2021, the outstanding federal loan for students the portfolio is $ 1,59 billion, which represents 42.9 million recipients. Of that, 90% of the outstanding balances are owned by the department.

    As a result of special pandemic flexibilities for student loans, the number of borrowers in the refund state has decreased considerably. Only about 500,000 direct loan borrowers opted to exit the payment pause and were in the refund state as of March 31, 2021, compared to the 18.1 million borrowers a year ago, shortly after the law of Care More than 23 million borrowers of direct loans with pending loans from around $ 938 billion are now in the state of tolerance, and more than 99% of these balances are in the tolerance of the Special Caregiver Law.

    With almost all borrowers of federal student loans now in tolerance, no new loan loan loans entered by default during this trimester. The demographic reports of more detailed direct loans have been suspended until at least on December 31, 2021, the first trimester for which borrowers could be potentially criminals.

    Despite the repayment pause for most borrowers, enrollment in driven income. The reimbursement plans (IDR) have continued to grow during the pandemic. As of March 2021, 8.3 million direct loan borrowers enrolled in IDR's plans, 3% more than 3%. That is 30% of all borrowers with ED service or, in terms of dollars, 48% of the Balances with ED service.

    Focus: * Sorry for public service loan *

    PSLF has recently suffered substantial changes in the application process. Over the years, PSLF has generated a lot of confusion and frustration. Millions of people are employed in public service, including teachers, firefighters, law enforcement and some non-profit workers, but only

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