Loan forgiveness for students is harder to obtain these days.
It is one of the most sought-after forms of student loan help.
However, thanks to the Trump Administration’s latest moves, loan forgiveness for students may soon be gone.
The Trump Administration: No Student Loans Forgiven Yet
Since Trump took office, student loan forgiveness in cases of possible fraud has come to a screeching halt, according to Department of Education records released to Sen. Dick Durbin on Wednesday. The records show that nearly 15,000 people applied for loan forgiveness from January 20 to July 5, claiming their colleges and universities defrauded them. None of those applications have been approved.
The Trump administration’s moves are slowly, but surely, moving towards the direction borrowers fear the most.
First, the Administration targeted the Public Service Loan Forgiveness program.
Now, it seems it is moving on to loan forgiveness programs for students.
The administration also seems to be intent on taking borrower defense away along with the rest of student loan aid.
(Did You Know? Laws surrounding forgiveness and student loans are constantly changing. Don’t wait for these changes to go into affect! Take advantage of forgiveness or see if you qualify. Use the Definitive Guide to Qualifying for Student Loan Forgiveness to figure out if you can qualify and how to apply for forgiveness. Click here to learn more and get the free guide.)
This has sent borrowers into a frenzy. With nowhere to turn to, how can Americans repay their student loan debt?
Lest we forget the bigger picture, these debts amount to almost $1.3 Trillion in the entire country.
And all things considered, things might still get worse.
What to Do, Where to Go?
Where is the student loan help that should be coming from the State?
When it seems like the government itself is against you, what do you do?
Where do you go?
There has been a long history and countless cases of student loan fraud.
But there are ways to avoid it.
By doing research and asking questions, borrowers can avoid getting caught up in student loan fraud.
There are tell-tale signs of student loan fraud, and one is well-advised to know them well.
Organizations, such as US Student Loan Center, are here to help.
By simply dropping queries or looking around, you will be able to find a list of recommended student loan providers.
You will also find services for your student loan needs such as refinancing or consolidation.
Moreover, there are alternatives to student loan forgiveness.
Of course, loan forgiveness for students is still the best way to get rid of student loan debt.
But scholarships, grants, and state-sponsored programs are also worth considering.
Stay Alert
Student-loan forgiveness has halted under Preisdent Trump, according to records sent to an Illinois senator. https://t.co/591rBetYng pic.twitter.com/tZdamhKdh2
— Education Week (@educationweek) July 31, 2017
The truth is, loan forgiveness for students with borrower defense is the easiest way for students to obtain debt relief despite the existing alternatives.
It is one thing to try to avoid fraudulence, it’s another thing to get back the money you lost because you are protected by law.
What one can do in these trying times is to stay alert and vigilant.
The administration moves slowly and gradually, not with one sweeping action.
Soon enough, the administration cannot ignore the voices of those in need.
Meanwhile, one must do with what one has, and hope for the best.
(NOTE: Need to know if you can qualify for student loan forgiveness? Many people qualify but never find out until it’s too late, and before they know it, they are overpaying on their student loans. Get the Definitive Guide on How To Qualify For Student Loan Forgiveness to easily find out if you can qualify for one or more of the many Student Loan Forgiveness programs offered by the Dept. of Education. Click here to learn more.)
Watch this video from Bloomberg for more information on loan forgiveness for students:
What are your thoughts on the latest events surrounding loan forgiveness for students? Let us know in the comments section below.
Up Next: Careers That Forgive Student Loans
Leave a Reply