According to the Department of Education, approximately 43 million people in the United States owe a collective amount of $1.6 trillion in student loan debt. Many people haven’t made a payment towards their student debt since March of 2020 when former president Trump paused monthly payments. However, the interest on federal student loads resumed September 1st but the payments will not resume until October 1st.
As Juniors and Seniors are thinking about which college they may want to go to as well as submitting college applications, I think it would be beneficial to be on top of all the resources you may have regarding student loans. With the newest resource being the SAVE plan.
On August 22nd, the Biden administration released the SAVE plan, a new income-driven payment plan to help people with student loan debt with upcoming payments. Many have even reduced their monthly payment to zero!
The Biden administration stated that 804,000 borrowers on income-driven repayment plans had been making payments for the last 20 years, however, none were actually promised relief from their debt. An approximate 662,000 public service workers, including teachers, will finally see debt relief under this new plan.
Scripps News spoke with many educators who shared the same experience about their loans not being forgiven under public service arrangements.
But with this new SAVE plan, more Americans suffering from federal student loan debt should be forgiven or relieved.
Colletta • Sep 7, 2023 at 11:07 AM
I have 48,000 most of it is interest don’t know how going to get this debt off me my payments are low still want make a dent in the amount
Christine • Sep 6, 2023 at 6:35 PM
What about all of us who already paid our student loan debt off? Do we get our money back? This is just adding to the national debt. Would the Biden administration pay off everyone’s credit card debt because it’s the same thing. It’s just another way to grab votes and put the country in more debt because of entitlements given to those who don’t pay their own debts and expect the government to bail them out. They signed the loan and used the money. It’s time to be accountable and take responsibility for the loan you signed and the money you used.
Dr.KimJ • Sep 7, 2023 at 10:05 AM
Same comment for you.
So it’s okay to bail out banks and corporate CEOs, but not everyday working people. I borrowed less than $20k in the 80s as a public school teacher I made payments monthly for what seemed like for ever. I finally paid off $34k at one time the interest and fees is ridiculous. These were not private loans they had been consolidated with the dept of Ed. I can never understand people who are okay with policies that allow the rich to get richer while the middle and working class foot the bill for them
Gary Grattan • Sep 6, 2023 at 9:36 AM
Why is a student loan any different than any other loan. It should not go on indefinitely! There should be a payoff date, interest etcetera. If a person signs on a loan without understanding the terms then you do not belong in college!
You put your name on a contract so unless the entity supplying the funds broke the terms of the contract then live up to what you signed up for!
DrKimJ • Sep 7, 2023 at 10:02 AM
So it’s okay to bail out banks and corporate CEOs, but not everyday working people. I borrowed less than $20k in the 80s as a public school teacher I made payments monthly for what seemed like for ever. I finally paid off $34k at one time the interest and fees is ridiculous. These were not private loans they had been consolidated with the dept of Ed. I can never understand people who are okay with policies that allow the rich to get richer while the middle and working class foot the bill for them
Judy L Woods • Sep 7, 2023 at 10:59 AM
I think everyone should keep there comints to there self Noone knows everyone’s situation. Good for everyone that has paid there’s off. But others may not be able to at the time. I’ve seen it from both sides. And you people that talk down on the ones that can’t pay needs to turn to God cause that could be your test from God and guess what you failed