Hot Topic: Student Loan Cancellations
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Burning questions of our time.
For decades, Americans believed that a successful career started with a four-year degree, so for most of us that meant taking a average $28,950 in student loans. Although a degree did not guarantee a well-paying job, borrowers knew that it guaranteed debt. Then the government introduced the Public Service Loan Cancellation Program (PSLF) in 2007 to offer student loan forgiveness to certain borrowers — people working in eligible nonprofit organizations and certain government positions — but only after making 120 loan payments, which takes about 10 years. But very few borrowers managed to get their debt forgiven, in part because of confusion over who was or was not eligible.
Everyone else — people working in for-profit companies or in union jobs, for example — were at their wit’s end until the Biden administration announced a new process for canceling student loan debt. While forgiveness under the PSLF program faces uncertainty again, this administration can still rewrite the narrative. So how do you think they should handle the student loan issue? Should the PSLF program be expanded to include other industries? What would be the fairest way to cancel loans, if any? Hit Reply and let us know your thoughts in the inbox!—SS
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