Although the whole society benefits from widespread college education, the burden of paying for this public good has been placed directly on individuals. That's why we have proposed a bold but simple solution to the student debt problem -- to eliminate it altogether.
There's no way to make 120 payments in less than 10 years, even if you try to double up on the monthly amount. Since the program was enacted in 2007, the Department of Education will not begin accepting applications until 2017.
Unlike PAYE, which is only open to students who took out loans after October 2007, the REPAYE plan will be open to anyone who borrowed directly from the federal government. This includes older borrowers who were previously shut out from PAYE.
Like previous TICAS reports, "Student Debt and the Class of 2014" provides a comprehensive overview of the student debt crisis by combining a bird's eye view of the national scope of educational debt with state-by-state data.
Without Congressional action, the expiration for one of our country's oldest and furthest-reaching student loan program is only days away. Some of the over 1500 participating institutions and 500,000 students will be hurt more than others.
Student loan debt will be a key issue in the 2016 presidential election - and it should be. The $1.3 trillion in student loan debt has become a defining economic factor for students and graduates across the country.
Senator Elizabeth Warren has reintroduced her bill allowing borrowers with outstanding student debt to refinance at lower rates. This will certainly appeal to those students with high-interest rates in the 7-8 percent range, but it won't help those struggling to pay their debt.