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The Obama Student Loan Forgiveness Program Is a Nickname for The Federal Direct Loan Program.
Student loan debt is often cited as being one of the biggest modern financial crises. Many former students face an impossible amount of debt and in turn, political leaders have been looking for a way to solve these issues. “Obama Student Loan Forgiveness” is a nickname for the William D. Ford Direct Loan program.
The name came about when President Obama reformed part of the Direct Loan program in 2010 by signing the Health Care and Education Reconciliation Act of 2010. Student Loan Forgiveness programs have been set into place in order to help aid former students in paying for their education following graduation (sadly, these programs are only applicable to students with federal student loans, not private).
