The Biden Administration announces big changes to a teacher financial aid program
FedLoan Servicing, a student loan servicer that administers the TEACH Grant program, accusing the servicer of allowing simple errors or omissions by borrowers on TEACH Grant forms to snowball into major problems, including the improper conversion of those grants into student loans. The lawsuit was recently settled, and FedLoan Servicing did not admit to wrongdoing.
If TEACH Grant recipients do not certify at the end of each year of teaching, their grants will not be converted to loans until they do not have enough time to complete the required four years of service within the eight-year deadline, as required by the program.
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