President Joe Biden has been called on to do something about the student loan debt issue, and now there have been new policies proposed.
The proposals were to help reduce the burden placed on students finding themselves in financial debt.
Over 43.4 million people have student loan debt right now.
The goal is to make it simpler for those with student loan debt to get it discharged. This would prevent big interest rates.
The hope is that getting the relief is more accessible. Someone won’t need to be burdened to go through the process.
New policies for student loans and debt
One policy will limit interest capitalisation, not letting outstanding balances grow quickly.
The second is for those who were misled by their schools. It’s also for those whose schools close before they finish. They will have greater protection.
The three year income monitoring period for those who got a reduction due to a disability will no longer happen under a proposed policy.
Finally, public service positions are being inventivized by offering those who go into the field major deferments and forbearance.