The StudyGroupz team would like to announce our monthly mini-blog where we will keep you up to date on all things StudyGroupz and all things happening in the education industry.
In our first blog post, we will discuss the Hot Topic surrounding student loan debt. Why is student loan debt such a hot topic? Well, borrowers hold $1.7 trillion in federal student loan debt. According to the Pew Research Center, the median borrower owed $17,000 in loans for education. Also, there is a huge racial gap amongst those who acquire student loans with blacks borrowing greater amounts than any other ethnicity.
There are many advocates pressing President Joe Biden to cancel up to $50,000 in student loan debt per borrow erasing debt for millions of borrowers. Although President Biden has announced that he will not cancel $50,000 in debt, he is considering looking at alternatives for student loan debt forgiveness.
Student loan debt is a big issue because of the economic and wealth impact that it has on its borrowers, especially those from lower-income communities. Student loan debt negatively impacts the borrower’s ability to receive credit to purchase homes or create businesses and reduces household income. The United States Department of Education already has programs available to help cancel billions of dollars for certain borrowers. If you are permanently disabled or work for a public service organization, you could potentially have your student loan debt forgiven.
Click the links below for information on Student Loan Forgiveness:
Public Service Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
Teacher Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation/teacher
Total and Permanent Disability Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation/disability-discharge
Other Topics on Student Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation
Also, connect with influencer and student loan expert Sonia Lewis on Instagram @thestudentloandoctor for more information on student loan forgiveness process