In our September 2016 blog post, we highlighted the various options for funding college education, including student loans. If you have already graduated from college and have outstanding student loan debt, you may be wondering what your options are for reducing what can sometimes be a significant burden. For individuals working in the public service sector, there is a student loan forgiveness program that may help. The Public Service Loan Forgiveness (PSLF) program was created upon passage of the College Cost Reduction and Access Act of 2007.
As of today Americans are facing a outstanding debt of 1.3 trillion dollars in student loans alone and it 's up to 43 billion students to pay all of that back in full. Our most recent graduating Class of 2016 student is coming out of college owing an average of $37, 172 in loans, making an increase of 6% since 2015. Which is significant amount of growth to have within such a short period of time. Many of these students are unable to make their monthly payments whether it be because of the tremendously high interest rates or because they simply don 't have the sufficient funds to pay their monthly quotas. But many student are also not aware of different options that are available to them that help eliminate their student loans in full or to repay their loans in a very doable and manageable manner. In this paper I will be discussing and focusing on the three most beneficial and commonly known options which are, public service loan forgiveness (PSLF) , the four different type of income based repayment (IBR), and refinancing your loans.
After attending college, most people spend the rest of their life with student debt or have a tough time trying to get rid of their student debt. Students can only look forward to years of repayment and
Another option that students with debt may take would be joining the military. The military has its own loan forgiveness program. Another thing that the military has is strict rules about who can be in the military. People in the military rather it is the Army or the National Guard have to be healthy. It is not someone’s fault if they are not in perfect condition because for the most part our health is out of our hands. Basic things like not smoking
Another option that students with debt may take would be joining the military. The military has its own loan forgiveness program. Another thing that the military has is strict rules about who can be in the military. People in the military rather it is the Army or the National Guard have to be healthy. It is not someone’s fault if they are not in perfect condition because for the most part our health is out of our hands. Basic things like not smoking can help prevent someone from being unhealthy, but no one can avoid their family history when it comes to their health.
However, most student loan holders do not qualify for the program, and there is speculation that the Trump administration and the Republican-controlled House and Senate may cap the debt forgiveness or eliminate the program entirely.
Student loan forgiveness is a terrible idea. Sure, in an idealistic world it would be great if the country could forgive all student loan debt and thus bring relief to all students across the nation. Realistic? Not necessarily! Instead of the fairytale notion of student loan forgiveness being the answer to all the problems, America would fair better in taking the initiative in making reforms to the educational loan system that are a bit more realistic. Student loans are a massive predicament in the U.S. that can no longer be ignored. The Atlantic 311.2 article “The myth of the student-loan crisis(CHARTIST)(Statistical data)” by Allan, Nicole, and Derek Thompson states that to date student loan debt surpasses all other forms of debt with over a one trillion dollars sum (2013). The United States should stop being complacent on an issue that has affected and ruined so many lives and begin finding ways to relieve the proverbial and ever-present menacing “Student Loan” pitfall.
The qualifications for the program are tough and federal loan forgiveness only applies to federal Direct Loans, not private student loans. If the graduate is lucky enough to land a public service job the graduate must realize that there is no guarantee that the employment will still be around in ten years since no one truly knows how the program will work or if it will work at all. Val Meyers, associate director for the Office of Financial Aid at Michigan State University comments are recorded in Susan Tompers’ article “My Apologies: Forgiving Student Debt is Tough”:
When individuals are in college, they are often blissfully of just how much student loan debt that they are racking up. When individuals graduate from college, they often have a high degree of sticker shock when they realize just how much student loan debt they have accrued. People are also of the mindset that there is nothing they can do with their student loan debt but pay for it. However, they are plenty of programs that individuals can use to pay off their student loan debt or even have it completely cancelled. The first step is simply to ask. Sometimes even asking the student loan servicer will help individuals to get their student loans debts cancelled or forgiven. Here are tips for working with your student loans:
Student loan debt affects college students all over the United States. Today students are having to take out loans in order to pay for all of their college expenses. It can be a pain to deal with the hassle of paying back the loans. The problems with student loans include causing students to go into debt that they are not able to pay them off in the given time which makes them put major life decisions on hold, and the debt stay with the student even through bankruptcy. A solution that would solve these problems is the idea of debt forgiveness which is the idea that the government will get rid of all the loan debt for college graduates.
In today’s society, a popular topic of conversation is the never-ending debate over student loan debt and how it can be alleviated. Many people today feel that student loan debt should be paid for in full by the government by completely forgiving these loans. However, this poses many problems. Instead of completely erasing student loans, there are many things the government can do to lessen the burden of the student loan debt that still requires the student to pay back the borrowed loan without forgiveness.
Student debt is a topic that generates a lot of debates. From politicians to lenders to students, everyone has an opinion on the topic. With a trillion dollar national debt, it’s not surprising why the topic is such a huge issue and the solutions are even greater. The student debt is a form of debt that is owed when a student has completed college or drop out. The average interest rates for the ungraduated and graduated are 4.45% to 6% (Quadlin). To pay off all the students’ debt, it will take 10-25 years to complete it. College students will have at least six months before they have to make the first payment. Student debts can be a real problem for those who aren’t preparing for them. Student loans debt should have a longer grace period, lower monthly payments and repayment programs that apply to all because students will be able to manage and repay their debts in a timely manner.
Because of the nation’s national rising debt, student loan forgiveness has been a significant topic of debate because of how much it can affect our nation’s debt and doesn’t always help the student. Student loan debt is one of the highest debt causes, but sometimes we forget that we are the ones that sign the line on the contract to be in years of debt. This is because we value our education. But this does not mean that just because we can’t find an amazing, high paying job right out of college that we should have our loans forgiven. We want the easy way out of something that isn’t easy, so why should the government pay for our debt? Yes, college is very expensive and that is the governments fault, but again we are the ones that signed the line on the loan papers. (Sam Adolphsen, 583)
College tuition prices are rising and so is the amount of student loan debt. To many students getting a good education to start off their future is very important. With the rising prices of college tuition, often many students have to get a student loan in order to pay their way through college. Student loans are there to help one out, but can become a huge burden to one. Although student loans come with a lot of responsibility, if one plans a way to pay it off the loan can be very helpful and stress free.
Even though private loans has become an essential option, students borrowing these loans are facing more obstacles. Students who are unable to receive federal subsidized loans, which offer better forgiveness and numerous repayment options, are stuck with private loans. And due to the high interest rates of these private loans, students encounter