Federal regulators will offer $600 in loans to low-income borrowers who have not been able to pay off the loans they took out to help finance college, the Department of Housing and Urban Development said Tuesday.
The announcement comes as lenders are scrambling to find new ways to make up for a surge in the number of borrowers defaulting on their loans.
About 1.5 million borrowers were defaulting in 2015, with some of the biggest borrowers in the Midwest and South facing foreclosure.
The average debt for a borrower who defaults is $34,000, according to data compiled by Bankrate.com.
That means that for every $1 borrowed, a borrower can expect to owe $8,000.
The $600 offer is a modest sum compared with some other federal programs that offer similar relief, but it’s still a significant sum.
Borrowers can use the federal loan servicing program that was established by the federal government in 2006 to help pay for their college education.
The loan program is designed to help borrowers get back on their feet.
The Department of Education has offered loans to more than 4 million borrowers since the program was established in 2006.
It’s also designed to reduce the number who default on their student loans, but the money is only offered if borrowers meet certain requirements, including paying off the debt in full and meeting the monthly payments.
For borrowers who default, the amount of money available will depend on their income and the type of loan, according the Housing and Community Development Department.
Banks can use a variety of tools to help them pay off student loans.
If you or someone you know has a medical emergency and needs assistance, there’s a program that helps you pay off your loan.
If you or a relative is having a disability, there are programs that help you pay for the cost of your education.
You can also apply for federal loans through the Department’s Help America Vote program.
The department said borrowers should apply for assistance through the Help America Act, which was passed in 2010 to help people who are eligible for food stamps and other public assistance.
The offer will be available to borrowers in six states, including Alabama, Georgia, Kentucky, Mississippi, Tennessee and Texas.
It will not be available in North Carolina, Ohio, Ohio State, Wisconsin or Vermont.
The amount is part of a larger effort to help the poor.
The Housing and Civil Enforcement Department is offering a $1.2 billion loan program for borrowers who need help paying down student debt.
The government has also set aside money to help help people with health problems.
Backed by the Obama administration, the new program was announced after Congress gave the Department $7 billion for college loans.
The agency is looking to help make up the gap with a $600 loan.
In 2014, the Trump administration cut funding to the Department for Higher Education, which helps borrowers refinance loans for those in need.