STUDENT LOAN DEBT HOW TO GET YOURSELF AHEAD OF A HUGE PROBLEM
In recent years, the issue of student loan debt has been a major concern for many people in the United States. According to recent data, the total student loan debt in the US has surpassed $1.7 trillion, with the average borrower owing over $30,000.
To address this growing problem, a proposed student loan relief plan has been making headlines in the news. The plan, which has been proposed by President Biden, aims to provide significant relief to millions of Americans struggling with student loan debt.
Under the proposed plan, several key changes would be made to the current system of student loan repayment. First and foremost, the plan would forgive $10,000 of student loan debt for every borrower. This would provide immediate relief to millions of Americans who are struggling to keep up with their loan payments.
In addition to this, the proposed plan would also make changes to the way that student loan payments are calculated. Currently, loan payments are based on a borrower’s income, which can make it difficult for many people to keep up with their payments. Under the new plan, payments would be based on a borrower’s discretionary income, which would make it easier for people to manage their debt.
Finally, the proposed plan would also make changes to the way that student loan forgiveness works. Currently, borrowers must meet certain criteria in order to qualify for forgiveness, such as working in a specific field or making a certain number of payments. Under the new plan, borrowers would be eligible for forgiveness after 20 years of payments, regardless of their employment status or other factors.
Overall, the proposed student loan relief plan has the potential to provide much-needed relief to millions of Americans struggling with student loan debt. However, there are still many details that need to be worked out, and it remains to be seen how the plan will be implemented and how effective it will be in reducing the burden of student loan debt for borrowers. Nonetheless, the proposal represents an important step towards addressing this growing problem and providing relief to those who need it most.
Faro & Crowder, P.A. has experience in helping individuals manage their student loan debt. Contact us today to perform a student loan debt analysis to see if your eligible for a hardship discharge.