However, even with the delay, borrowers need to consider the possibility of more forgiveness coming down the road.

Why do borrowers need to think about more forgiveness? Many of us have mountains of student debt that will take years to pay off. Thoughtful planning requires considering not just personal finances but also the possibility of changing student loan rules.

I was personally surprised when Biden made his one-time cancellation decision. I don’t want to be surprised if it happens again.

The Argument for More Student Loan Forgiveness

At its core, the plan to forgive $10,000 or $20,000 per student loan borrower is an admission of fault.

The Department of Education and its contracted servicers had a responsibility to administer the federal student loan program and guide borrowers. They failed.

The rules for repayment were so complicated that loan servicers gave many borrowers information that was either incomplete or wrong.

Does this one-time forgiveness program make borrowers whole? Has the Biden administration righted the wrongs of decades of student loan mismanagement?

Many borrowers and advocates would argue the answer is a resounding no.

A Huge Limitation on Further Loan Cancellation

The Department of Education claims to have the authority to forgive student debt under the HEROES Act, legislation passed in the wake of the September 11th attacks.

Specifically, the HEROES Act allows relief from student loan requirements during specific periods, such as a war or other national emergency. The Department of Education cites the Covid-19 pandemic as a national emergency that justifies loan forgiveness.

Notably, the Department of Education isn’t arguing that they can forgive debt whenever they want.

Under this logic, additional forgiveness would require a new national emergency or war.

Fixing the Fundamental Problem

Before going further in our analysis, it is worth taking a step back and considering the fundamental issue: college is too expensive.

We have a student loan crisis because most students can’t afford to pay for school. School is so expensive that it often takes decades to repay the debt.

College prices have grown considerably faster than inflation, and paying for college has gotten harder for each generation.

Loan cancellation doesn’t fix this problem. In fact, it could make things worse.

Setting the Forgiveness Precedent

The Biden administration has been cautious about calling the program one-time forgiveness.

A second round of forgiveness could create an expectation in the minds of many borrowers. If borrowers expect forgiveness to happen, motivations change. Instead of borrowing the minimum, people might maximize borrowing to get more debt forgiven. Those in repayment might focus on making minimum payments rather than trying to eliminate their debt.

If students and borrowers assume that more forgiveness is on the way, they could make risky decisions.

The Optics and Politics of Student Loan Cancellation

In the days and hours leading up to the decision to announce $10,000 or $20,000 of loan cancellation per borrower, there was a heated debate in the White House. The discussion wasn’t about how to help borrowers most effectively, and the discussion wasn’t about the policy or procedure. Officials argued about politics up until the last second.

Student loan forgiveness or cancellation is a decision made by politicians. If helping borrowers is risky politically, they won’t do it.

The midterm elections happen tomorrow. If Democrats get creamed — and the polling seems to indicate they will — it is a huge blow for people advocating future forgiveness. If the political consequence of loan cancellation is angry voters and losing seats in Congress, politicians will be unlikely to go there again.

Election Update: Democrats did far better than expected in the election and student loan forgiveness is getting some of the credit for the strong youth turnout and Democratic performance.

The Look of Future Student Loan Repayment Assistance

The idea of additional forgiveness for all seems unlikely. Circumstances may change in the distant future, but as things stand right now, any more cancellation seems highly improbable.

However, that doesn’t mean that there won’t be more help for student loan borrowers. It just might take a different form.

New repayment plans seem to pop up every few years, and Biden says another is on the way. Likewise, we may also see assistance for borrowers who have previously fallen through the cracks, such as those with spousal loans or FFELP loans.

The Planning Challenge for Borrowers

If you are planning a repayment strategy, it is difficult to figure things out in the face of so much uncertainty. Financial planning is already difficult, but the challenge grows when dealing with a moving target.

I’d suggest an approach that weighs the federal perks against the costs.

Federal loan borrowers have an existing list of perks and protections that go with their loans. They also have the possibility that things will get even better. If we lump the known and the unknown together, we can call it the benefit of federal loans.

However, the benefit of federal loans can come at a cost. Hoping for forgiveness and only making minimum payments means spending more on interest over the life of the loan.

The question for borrowers who are planning comes down to this: do the federal benefits outweigh the extra spending?

The hope of more forgiveness in the distant future may not justify spending extra money on interest every month.

The post Is More Student Loan Forgiveness or Cancellation on the Way? appeared first on The Student Loan Sherpa.

Unfortuantely, Biden’s options for canceling private student loans are limited.

Can Private Loans be Cancelled or Forgiven?

When politicians and student loan advocates call for student loan cancellation, they are usually referring to federal student loans. For example, the likely to be announced $10,000 of loan forgiveness will only apply to federal loans.

Under the Higher Education Act, the President can “enforce, pay, compromise, [or] waive” federal student loans. Though there is some debate about the President’s authority to cancel federal loans, there isn’t a debate over private student loans. He cannot cancel them on his own.

If Biden wants to help private loan borrowers, he must get creative.

Getting Congress to Act

Congress could choose to cancel private student loans. They could draft legislation to pay off private student loans, and borrowers would be free from their debt.

Given the current political climate and composition of Congress, such legislation would seem highly improbable.

However, as President of the United States, Biden has considerable influence over Congress. He could aggressively advocate for private student loan cancellation. He could refuse to sign any Congressional legislation until they vote to cancel private loans.

Biden has already advocated for Congress to cancel $10,000 of federal student loans, but debt cancellation hasn’t been a high-priority item on his legislative agenda.

Converting Private Loans into Federal Loans

Most borrowers realize that federal student loans are far more likely to get canceled than private student loans.

I’ve heard from many clever borrowers who want to convert their private loans into federal loans so that the debt might one day be eligible for forgiveness.

There are a few tricks borrowers can use to convert private loans into federal loans, but these options are minimal.

Here again, Biden lacks the authority to convert debt via an executive order, but he could call on Congres to pass legislation to convert the debt. Allowing borrowers to consolidate their private loans into a federal loan would provide significant relief for many struggling borrowers.

Sadly, Biden hasn’t advocated opening up this option, and it has gotten minimal discussion in the halls of Congress.

Bankruptcy for Private Loan Borrowers

One area where advocates have made some headway is on the subject of bankruptcy.

Presently, student loans are difficult but not entirely impossible to discharge in a bankruptcy proceeding. Many bankruptcy attorneys are unable to help borrowers discharge their student debt.

Notably, there is at least some bipartisan support for restoring bankruptcy protections for student loan borrowers.

President Biden could advocate passing legislation to give private loan borrowers the ability to have their debt discharged via bankruptcy. Borrowers would prefer loan cancellation, but by offering bankruptcy protections, the borrowers in the worst circumstances could move forward from their private loans.

Sherpa Thought: As the President, Biden can make life very difficult for private loan lenders. In addition to calling for bankruptcy, he could push the CFPB to target private student loan lenders aggressively.

However, this course of action could have a downside for current and future students. As private student loan lending gets more risky or expensive, interest rates will increase. Thus, Biden must balance the interests of future borrowers against the interests of present borrowers.

Executive Orders to Cancel Private Loans

Many borrowers want Biden to issue an executive order canceling private student loans.

Unfortunately, he doesn’t have the legal authority to cancel debt in this manner. He can’t simply tell banks that borrowers no longer owe any more money.

In other words, for private student loan relief, borrowers need Congress to act.

Options for Private Loan Borrowers

If you have private student loans, help in the form of cancellation is unlikely.

For this reason, many borrowers focus on eliminating their private student loans before attacking their federal loans — even if it means paying off a loan with a slightly lower interest rate first.

Finally, student loan refinancing is a great option for some borrowers to get their private loans under control. Refinancing requires a decent credit score and income, but it can lower your interest rates and monthly payments.

As of November 2024, the following lenders offer the lowest interest rates on private loan refinancing:

Rank	Lender	Lowest Rate	Sherpa Review
T-1		4.86%	ELFI Review
T-1		4.86%*	Splash Financial Review
3		5.29%	Laurel Road Review

The post Biden’s Options Cancel Private Student Loans appeared first on The Student Loan Sherpa.

That said, empathy is an essential element in advocacy. If you want to change someone’s mind, it helps to understand their perspective.

Borrowers have a long — and justified — list of expectations from Joe Biden. For decades, the needs of colleges and lenders have been put ahead of students and borrowers.

To advocate for borrower-friendly policies, it’s worthwhile to look at things from Biden’s perspective. How can we make helping student loan borrowers the most logical option?

Biden’s Track Record on Student Loans

I’ve been a vocal critic of Biden, but I think it is fair to say that he has done more for borrowers than any other sitting president. Admittedly, that is a pretty low bar, but some of the policy changes have made a considerable difference for borrowers.

The biggest help for most has been the continued payment and interest freeze. Other pandemic relief programs ended long ago. However, the student loan pause continues to this day. This time has been a significant lifeline to borrowers.

Another major development was the limited waiver on Public Service Loan Forgiveness. Biden took a deeply flawed program with an unreasonably high rejection rate and fixed most of the significant issues. PSLF now looks like a program that actually delivers on the government’s promise to public servants.

Biden has forgiven billions of dollars for borrowers deceived by their colleges, and he has helped correct payment records for borrowers misled by their loan servicers.

Despite the major progress in less than two years in office, most borrowers expect more. The fixes are helpful, but many would argue it is too little, too late.

Threading the Needle on Student Loan Forgiveness

The reporting out of the White House suggests that Biden is struggling to make up his mind on student loan forgiveness.

He has four options for loan forgiveness:

1. No forgiveness
2. Forgive 10k for all borrowers
3. Forgive 50k for all borrowers
4. Cancel all federal student debt

Americans have strong feelings about each option. Some find any cancellation to be unacceptable. Millions of borrowers have balances of less than 10k. Others see only forgiving 10k as a slap in the face.

No matter what decision Biden makes, he is going to upset millions.

Additional Complications: Even if Biden decides on a number for forgiveness, major logistical issues exist.

If he cancels 10k for everyone, some high earners will benefit. If he puts an income cap on forgiveness, many experts warn of a potential train wreck that would cause many eligible borrowers to miss out on the relief.

Why Biden Can’t Win

Biden can’t get a win on student loan forgiveness because the student loan crisis is a symptom of a larger issue: the cost of college.

For decades the price of a college education has grown significantly faster than inflation during the same time period. However, attending college is still a valuable step to increasing earning potential. This combination has made college a dangerous, high-risk, high-reward situation.

No matter what decision Biden makes on forgiveness, the cost of college issues will remain. Prices keep increasing, and students borrow more money to pay for school.

Even the President of the United States cannot fix these issues alone.

Biden’s best path forward might be pointing the finger at Congress and/or asking for help.

Getting Congress Involved

Biden could blame Congress for the student loan crisis.

Legislation may be the only way to rein in the price of college, and Congress isn’t even discussing the issue.

State schools were once a great option for an excellent affordable education. Today, most students require substantial borrowing to afford a public school.

Congress can make public colleges more affordable. Congress has the ability to rein in for-profit schools that take advantage of both students and taxpayers. They haven’t meaningfully addressed either issue.

Until Congress steps up and fixes the root problem, Biden will have to use his authority to help borrowers caught up in a broken system.

The post Biden’s Impossible Student Loan Dilemma appeared first on The Student Loan Sherpa.

The Biden administration is ironing out the details, but a significant announcement on federal student loan cancellation could be coming very soon.

Even though nothing is set in stone, the discussion around student loan forgiveness has changed. We now have a pretty good idea of how and when borrowers will see their federal loans forgiven.

It is time for borrowers to get their loans in order.

Smart moves today could be worth thousands in the coming months.

How Student Loan Forgiveness went from Unlikely to a Probability

As a candidate, Joe Biden argued for $10,000 of federal student loan forgiveness for all borrowers, but he wanted it to come from Congressional legislation. At the time, he believed the President didn’t have the authority to issue forgiveness through an executive order.

As President, Biden initially stuck to this position. As time passed and pressure mounted for him to take action, he requested a memo from the Secretary of Education on the President’s authority to forgive student debt. The resulting memo was publicly released last fall but almost completely redacted.

Over the past month, the discussion took a dramatic turn. The debate is no longer if the President can forgive the loans. The discussion is on how the President should forgive the loans. Some members of the Biden administration want to put income caps on the forgiveness, while others suggest a need-based approach is unnecessarily complicated.

In another revealing development, Senators Elizabeth Warren and Chuck Schumer have requested that Biden hold off on a major student loan forgiveness announcement. They want to push for $50,000 of loan cancellation, and they suspect that Biden will only forgive $10,000 per borrower.

How and When Student Loan Forgiveness Will Happen

For a policy that hasn’t been officially announced, there are a lot of details already available.

The amount of forgiveness will probably be $10,000. Biden has consistently called for $10,000 and voiced opposition to $50,000 on numerous occasions.

Why $10,000 of student loan forgiveness? More than a third of federal borrowers owe less than $10,000. These smaller balance borrowers are among the most likely to fall into default.

The big question at this point seems to circle around whether there will be an income limit for the borrowers that receive forgiveness. Putting an income cap on forgiveness is a huge challenge because federal law restricts the ability of the IRS to share tax records with other federal departments. Borrowers would have to manually authorize the IRS to disclose tax information to the Department of Education. Alternatively, Biden could erase $10k for all borrowers. This route, however, has the potential to open the door to Republicans arguing that it’s a handout to the rich.

The income-cap issue appears to be the final big question for the administration to answer.

As for the timing of a forgiveness announcement, look for something to happen before the 2022 midterm elections. Biden’s approval ratings have taken a hit due to inflation and many other issues. Forgiveness is one way he can help millions of Americans.

Additionally, the federal student loan interest freeze is scheduled to expire in August. Announcing the end of the student loan Covid relief and the forgiveness executive order at the same time might make sense.

Steps to Take Right Now

Even though there hasn’t been an official announcement on forgiveness, there are a few things that borrowers should do right now.

The strategy behind these moves is to maximize any potential forgiveness.

Ask for a Refund of Previous Payments

During the Covid-19 payment and interest freeze, borrowers haven’t been required to make student loan payments. However, many borrowers chose to make payments to lower their student loan balance.

If you have made any payments since March 2020, now is the time to ask for a refund.

All borrowers can request a refund for extra payments made during the Covid relief. If you lowered your balance from $12,000 to $8,000 over the past couple of years, it might limit your potential loan cancellation. By requesting a refund now, you maximize your possible forgiveness.

You can always repay the refunded amount if the forgiveness doesn’t happen. With interest rates at 0%, having the money sit in your bank account while you wait for an announcement is a reasonable option.

Consolidate FFEL Student Loans

FFEL student loans are notoriously complicated. A third party technically owns the debt, but repayment is federally guaranteed. FFEL loans are still federal student loans, but they are not federally-held.

Borrowers with FFEL loans may not be eligible for the $10,000 of federal loan forgiveness.

However, borrowers with FFEL loans can consolidate their loans into a federal direct loan. These direct consolidation loans are far more likely to be forgiven.

Historically speaking, consolidating FFEL loans was somewhat risky because a borrower would reset their progress towards PSLF or IDR forgiveness. Fortunately, this risk does not apply today. Last month, the Department of Education announced a temporary policy that would allow FFEL borrowers to consolidate without losing their progress towards IDR forgiveness.

Don’t Refinance Federal Student Loans

Now is a terrible time to refinance your federal student loans.

Refinancing federal loans eliminates valuable federal perks like Income-Driven Repayment Plans and Public Service Loan Forgiveness.

Refinancing would also pretty much eliminate the chance to get your debt forgiven as part of an executive order.

Options for Private Student Loans

If your student debt is with a private lender, options to convert the debt into federal loans are extremely limited.

At this point, the best thing you can do for any private student loan is to make sure you have a fixed-rate loan instead of a variable-rate loan. Inflation is a major concern for student loan borrowers. Locking in a fixed-rate loan is the best way to ensure that inflation doesn’t mean a bigger monthly payment.

Making Forgiveness a Certainty

Things are definitely trending in the right direction for borrowers.

However, nothing is set in stone, and taking action now may help ensure our desired outcome.

A call to your elected officials or a quick email can help move the needle. A few minutes of your time could be worth $10,000 of student loan forgiveness.

The post Student Loan Forgiveness is Probably Happening: What to do Right Now appeared first on The Student Loan Sherpa.

Cancellation also has the potential to provide a considerable boost to the economy. Less debt means more small business creation and more job growth.

While the arguments for debt forgiveness are strong, there are many potential risks to an executive order forgiving student loans.

The Extended and Confusing Court Battle on Student Loan Cancellation

Some legal scholars argue that the President has the authority to cancel student loans via executive order. Others claim that only Congress can offer forgiveness for all.

The reality is that the President’s authority is unknown. We won’t know for sure until the issue is addressed in federal court.

The legal uncertainty complicates any moves on forgiveness. If Biden announces forgiveness for all, the move would get a ton of media attention and enthusiasm from borrowers. It also would mean a lawsuit in opposition was on the way.

The subsequent litigation could take years to resolve. How does the Department of Education handle loans during that time? Would borrowers make payments if they were required? What happens to borrowers if Biden loses the lawsuit?

There is a reason that Biden supports cancellation, but only through Congress. The alternative is chaos.

If Biden announces forgiveness and then loses in court months or years later, it could devastate borrowers. Imagine if you started a business or bought a house because you were free of your debt. Restoring debt after attempted cancellation would be financially disastrous for many.

A Note from the Sherpa: As a student loan borrower myself, I’m very much in favor of federal debt cancellation. This article is not written in opposition to student loan forgiveness. Instead, it is written as a warning so that lawmakers can avoid potential mistakes.

Student Loan Forgiveness Could Make College More Expensive

For decades, colleges have shown a willingness to increase prices. Student loan cancellation would open the door for more increases.

Colleges don’t set tuition prices based upon the value of a degree. If they did, a computer science degree would cost far more than a philosophy degree. Instead, many schools charge tuition based on what students are willing to pay.

If you were a high school senior and read about how everyone had their student loans forgiven, would you worry about signing up for student loans? Would you be more likely to spend more money to go to college?

The economics here are simple. If students are less worried about student loans, they will be comfortable borrowing more. If students are willing to borrow more, colleges can charge more.

Today’s student loan crisis could pale compared to the student loan crisis of the future if we don’t address the cost of college at the same time.

Avoiding a Student Loan Cancellation Mess

The solutions to these issues are straightforward but difficult to achieve.

First, Congress should authorize the President to cancel student debt as necessary. While there is an argument that this authority already exists, explicit legislation would remove any room for debate. Congressional action could eliminate the danger of forgiveness getting tied up in the court system.

Second, the price of college must get addressed. One round of forgiveness would make students even more carefree about borrowing and incentivize colleges to charge more. We can’t afford another student loan crisis.

Is Student Loan Forgiveness for all Irresponsible?

Given the potential for confusion from litigation and the risk to future students, there is undoubtedly a risk to canceling student loans.

However, politicians in DC have a long track record of focusing only on the problems of the present and not worrying about the future.

In this case, the student loan crisis is severe, and we are suffering the consequences of inaction. President Biden’s desire to address this issue with Congress is commendable. However, once it is clear that Congress won’t take action, Biden should seriously consider an executive order.

Borrowers are struggling right now. Trying and failing is preferable to not even trying.

The post Student Loan Cancellation Could Be a Disaster for Biden, Borrowers appeared first on The Student Loan Sherpa.

That said, for many borrowers, student loan forgiveness still represents the best path to debt freedom.

Once you understand how student loan forgiveness works, the reality of the situation is clear. It is not too good to be true. Instead, student loan forgiveness is a challenging path that is potentially very rewarding for borrowers.

High Rejection Rates: Student Loan Forgiveness Isn’t Easy

Many borrowers mistakenly assume that after ten years of work in public service or 20 years of repayment, their loans will disappear.

The harsh reality is that many borrowers have their applications for forgiveness rejected. When the first batch of borrowers became eligible to apply for Public Service Loan Forgiveness, the rejection rate was over 99%. The real rejection rate isn’t that high, but approval is far from a certainty.

Likewise, forgiveness after 20 years of income-driven repayment is far from automatic. The National Consumer Law Center estimates that over two million borrowers have been in repayment long enough to qualify for IDR forgiveness, yet only 32 have qualified. Here again, the numbers should improve for borrowers, but assuming that you will qualify is a mistake.

The lesson with these high rejection rates is that attention to detail is critical.

Don’t Rely on Student Loan Servicer Assurances

One of the biggest obstacles for borrowers chasing forgiveness has been lousy advice from student loan servicers.

Bad information from some servicers was the subject of a Consumer Financial Protection Bureau lawsuit. I’ve personally spoken with many borrowers who were told they were on their way to forgiveness, only to learn that they were not.

Making this problem even more severe is the fact that there isn’t a remedy for most borrowers. If you rely on bad information from your servicer, you are often out of luck. Congress has tried to address this particular issue with the Temporary Expanded Public Service Loan Forgiveness program. Sadly, it only helps some PSLF borrowers who were on the wrong repayment plan.

If there is good news in this situation, it is that this issue is starting to improve. Servicers now get better training on loan forgiveness issues, and borrowers do a better job researching the rules. However, there is still plenty of room for improvement.

Borrowers can still ask their servicers for help and guidance, but they need to verify the information provided.

The Student Loan Tax Bomb

Even if you do everything right and your loans get forgiven, the “catch” is that you may have a huge tax bill from the IRS.

The IRS usually treats forgiven debt as income the year it is dismissed. There are a couple of exceptions to the basic rule for student loan forgiveness. First, Public Service Loan Forgiveness is never taxed. Second, the other forms of federal student loan forgiveness are not taxed if the forgiveness occurs before December 31st, 2025.

Borrowers that do not qualify for either expectation may have to pay a large tax bill. In the student loan community, that tax bill has come to be known as the student loan tax bomb.

Thoughts from the Sherpa: I’m optimistic that Congress will eventually remove the student loan tax bomb. However, as an IDR borrower, I’m not counting on Congress delivering. I have a plan in place to handle the tax bomb.

Federal Student Loan Cancellation from President Biden or Congress

Some borrowers are already planning on having the federal government cancel their student loans.

These borrowers are making the mistake of counting their chickens before they hatch.

While there is certainly reason for optimism about federal cancellation, it is a long way from becoming a reality. At present, one political party is 100% opposed to loan cancellation, and the other party only has some members interested. There are many legal and political hurdles in the way of student loan cancellation.

The “catch” with this form of student loan forgiveness is that it may never happen for anyone.

Still Interested in Loan Forgiveness?

The big lesson here is that student loan forgiveness is far from a certainty. However, it isn’t impossible either.

Borrowers interested in loan forgiveness should do the following:

• Review the different types of forgiveness available.
• Talk to your loan servicer to discuss your progress and the requirements.
• Borrowers chasing Public Service Loan Forgiveness should use the PSLF Help Tool and submit the necessary forms to certify their progress so far.

The post What is the “Catch” with Student Loan Forgiveness? appeared first on The Student Loan Sherpa.

Student loan forgiveness for all is becoming very popular.

Support extends beyond the borrowers who would directly benefit. Many consumer advocates and economists also support debt cancellation. Consumer advocates point to the inequalities of student debt. Economists think student loans are a drag on the economy.

Despite the increasing popularity of forgiveness for all, three major obstacles prevent debt cancellation from becoming a reality.

Former Borrowers Outraged By Talk of Forgiveness

People who recently paid off their student loans are often vocally opposed to student loan cancellation.

A common refrain on social media is, “what do I get?” Many former borrowers argue that it wouldn’t be fair to cancel loans after working hard to pay off their debt.

To a certain extent, they have a point. Student loans are a significant issue in America, and it sucks that they had such a negative experience. However, it would seem silly to avoid fixing a problem in the name of fairness.

Addressing this particular issue is complicated. However, by showing some empathy, current borrowers may win over some outraged former borrowers.

Republicans

Most prominent Republicans remain opposed to student loan cancellation.

While there are certainly some Democrats who are hesitant to forgive large amounts of student debt, the opposition is much stronger within the Republican party.

Borrowers and advocates have two options on this issue:

1. Convince Republicans to support debt cancellation.
2. Vote Republicans out of office.

Many Republicans campaigned on a desire to improve the economy. Republicans could lead the charge on debt forgiveness, help the economy, and win over many student loan borrowers in the process.

Prior to the 2020 election, I argued that President Trump could improve his chances of winning the election by canceling some federal student loans. An improved position on loan forgiveness could help Republicans score points with many key demographics.

Despite the potential political gains for Republicans, the party continues to oppose student loan forgiveness for all.

The Ridiculously High Cost of Education

The price tag of a college education is probably the most significant obstacle preventing solving the student loan crisis.

Here is the problem: even if we forgive student loans for millions of borrowers today, we will have millions of borrowers with the same problem in the future.

Forgiveness may even make the student loan crisis worse for future students. If people see loans forgiven today, they may think that future loans will qualify for forgiveness. Future students may borrow irresponsibly, under the assumption that their loans will also be forgiven. More student loan borrowing enables colleges to continue to raise the cost of education. As the cost of college grows, the student loan crisis gets worse.

A single round of forgiveness may set a dangerous precedent that ultimately worsens the student loan crisis.

For this reason, current borrowers should support policies aimed to make college more affordable. Free community college or a four-year education would be a massive win for existing borrowers. If we make college affordable, any fix to the student loan crisis can be a one-time expense rather than an ongoing issue.

Final Thought

Want to get student loan forgiveness for all?

We just need to make college more affordable and convince Republicans and former borrowers to get on board.

The post The Three Things Preventing Student Loan Forgiveness for All appeared first on The Student Loan Sherpa.