Student Loan Forgivness


Student Loan Forgivness

Student loan forgiveness is the act of pardoning all or part of the outstanding debt incurred by an individual for the purpose of funding their education. It can take various forms, including outright cancellation, partial forgiveness, or reducing the interest rate on the loan. For example, as of January 2023, the Biden administration has approved the cancellation of over $39 billion in student debt for 889,000 borrowers.

Student loan forgiveness has gained prominence due to the rising cost of higher education and the subsequent burden of student debt faced by millions of individuals. It aims to alleviate the financial strain, promote economic mobility, and reduce racial and socioeconomic disparities in access to higher education. Historically, the concept of student loan forgiveness gained traction during the 2008 financial crisis, when the government implemented programs to help borrowers struggling to repay their loans.

Read more