17 Ways For Biden To Fix Student Loan Forgiveness

Here are 17 ways to fix student loan forgiveness.

Here’s what you need to know.

Student Loans

Student loan cancellation is a hot topic, even if there’s been no wide-scale student loan forgiveness. President Joe Biden is focused on revamping student loan forgiveness and student loan repayment so that more student loan borrowers can get financial relief. Through hearings and public comments, the U.S. Department of Education is asking student loan borrowers and the general public to share constructive feedback about student loan forgiveness, particularly the Public Service Loan Forgiveness program. Once collected, Congress and the Biden administration can work jointly to improve student loan forgiveness. Many of the stories are harrowing, with student loan borrowers who have worked in public service or at a non-profit for 10 years, but still haven’t received student loan cancellation and are drowning in student loan debt. Here are 17 recommendations to fix student loan forgiveness, as shared through public comments from student loan borrowers who have been impacted most by the Public Service Loan Forgiveness program:

1. Student loan forgiveness after 10 years — no excuses

Recommendation: work for 10 years for a qualifying public service or non-profit employer, and you’re done.

Commentary: Currently, to get public service loan forgiveness, student loan borrowers must complete 120 monthly student loan payments on-time and in full. Often, 120 monthly payments means 10 years of work for a qualifying non-profit or public service employer. In some cases, however, 120 student loan payments may take longer than 10 years. Under this recommendation, student loan borrowers would automatically get student loan forgiveness after 10 years of service. Public service loan forgiveness has a 98% rejection rate, and a new report predicts 80% of student loan borrowers should expect to get rejected for student loan forgiveness over the next five years.


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