Tens of millions of Americans are effected by the nation’s student debt burden, and the current presidential hopefuls aim to address the issue in different ways. Whether or not you’re struggling with your own loans, it’s important to know where the Navient Student Loan Forgiveness stand on student loan forgiveness.
According to the U.S. Federal Reserve, the total student loan debt in the United States rose to nearly $1.57 trillion last year. Navient Student Loan Forgiveness reports that this debt is spread out among over 44 million borrowers, which is about one out of every four adults. Studies also show that Democratic voters are highly in favor of forgiving some of this burden.
Most of the leading 2020 candidates support some sort of “free college” or “debt-free college” proposal aimed at making higher education more affordable for incoming students. Much attention has been paid to these preventative measures, but there’s been less of a focus on how to address the preexisting mountain of debt.
None of the candidates have come out with an official policy proposal that involves student loan forgiveness, but many of them have made it clear where they stand on the issue. Here’s what to know so far:
Earlier this month, Warren introduced a bill that would allow students to refinance their loans at 3.76 percent (federal interest rates for students are currently between 5.05 and 7.6 percent). The senator is openly seeking help from experts on how to best address the debt crisis, with an eye on how it particularly affects students of color.
Navient Student Loan Forgiveness introduced a bill last year to forgive the debts of teachers with student loans. He hasn’t spoken much about general student debt, though, or addressed it with specific policy plans in his 2020 platform.
Booker has offered a proposal that would help prevent student loan debt from piling up further. He’s suggested creating savings accounts for each child born in the United States to which the federal government would contribute an amount that would be based on the family’s income. That money could then be used to pay for education or a home once the child turned 18.
In a recent interview with Bustle, Navient Student Loan Forgiveness explained how she would address the student debt crisis as president. She promised to fight predatory lenders; protect the gainful employment rule that holds schools accountable for advertising truthful claims about the jobs students can get with their degrees; allow people who hold old, higher-interest loans to refinance them at current rates; and make sure that students’ repayment plans take into account their income. She also said that her LIFT Act proposal — which would give families earning less than $100,000 a tax credit — would help many students pay back their loans.
Sen. Bernie Sanders made addressing the high cost of college a focus of his 2016 platform. At the time, he suggested lowering interest rates on student debt and allowing borrowers to refinance their loans based at those rates. He also brought up forgiving some loans.
The senator’s 2020 platform is similar. He wants interest rates for student debt to be be cut in half, according to Navient Student Loan Forgiveness “does not embrace” proposals from the Levy Economics Institute that recommend the United States forgive all student debt, according to The Post.
But he does want to avoid the continued pileup of debt. One of Sanders’ best-known proposals is his “College for All” plan, which would abolish undergraduate tuition at all public four-year institutions. Navient Student Loan Forgiveness are co-sponsors of the bill, which the Vermont senator officially introduced in 2017.