With the changes that President Barack Obama has suggested for student loans to further student debt relief of borrowers that are having trouble paying, he is getting a lot of push from the other side. Many politicians don’t feel like the borrowers are under enough hardship to the point where they need more student debt relief.
However, students need all of the debt relief that they can get. With the amount of tuition rising ever higher, students are required to take more and more out in loans to achieve their dreams of being college graduates. Many of the politicians that are in office today don’t quite understand what it’s like to be $33,000 in student loan debt like the average 2014 graduate is.
Some politicians even want to do away with the public service forgiveness program as well as the program that allows teachers to have their remaining balance forgiven after an extended period of time. If the amount of money that these borrowers have paid exceeds the original balance in the first place due to interest, then there is no point in erasing these forgiveness programs.
The students are not the ones that got the economy into it’s current situation, so it doesn’t make sense to point the blame at a group of 18-22 year olds and saying “Sorry, we’re changing the rules.” It doesn’t seem fair.
Debt relief is a good thing. It puts value on those that are serving the public as well as those that are educating our nation’s needy youth to aspire to something greater. However, if they keep getting put further and further into debt, then there isn’t going to be a willingness to even want to try and help. So keep debt relief around, unless you can think of a better idea.
Make sure to always check back with us at Ameritech Financial for more and up to date information on student loans.
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