A $4 billion loan from Ace has been approved by the U.S. Department of Education.
The Department of Justice has approved the loan to be used for first-time student loan borrowers who have graduated from college, and to help students pay for post-secondary education, according to a statement released Thursday by the Department of the Treasury.
“Student loan debt is not a burden, it is a resource,” Acting Assistant Secretary for Student Financial Aid at the Treasury Department, Stephanie G. Shaffer, said in the statement.
“The $2.5 billion loan program will allow eligible borrowers to refinance their existing federal student loans and build a cushion to cover student loan payments and other unexpected costs associated with attending school.
This program will help more than 2 million borrowers and will help them refinance at a lower rate than the federal government charges borrowers.”
Under the program, borrowers will have to pay the interest and principal on their student loans over the course of a two-year repayment period.
Interest will be paid on the principal amount and the remaining balance will be forgiven if the borrower pays off the principal balance by the end of the second year.
The amount of forgiven balance will vary by type of loan, so borrowers with smaller balances will pay more.
The program is the first to be approved under the $2 trillion loan forgiveness program, which is also known as the $5.4 trillion Student Loan Forgiveness Program, the Department said.
The $1.6 trillion program was approved by Congress in 2010 and was designed to allow people with student loans to refinish their loans faster and lower their monthly payments.
Under the program a borrower who makes $35,000 or less is eligible to refind their loan over the next three years.
A borrower who earns $50,000 to $100,000 is eligible for refinishing at the same rate.
The new $2 Billion Student Loan for College Loan was approved with the help of the Student Loan Relief Act, which passed last year.
The loan forgiveness was designed as a way to help people refinance student loans.
It allows borrowers to take out a new loan for a new amount, which has a higher interest rate.
The interest is forgiven if a borrower pays their student loan off before the date they were originally due, which helps students who can’t pay their loans back on time.
The department says the program has helped more than 12 million borrowers refinance loans in the past three years, including 1.7 million borrowers who had a total outstanding loan balance of $2,400,000, according the statement released by the Treasury Secretary.
The loan forgiveness also allows borrowers who are already paying back their federal student loan balances to refit their loans with the goal of refinancing their current loans.