Student loan repayment issues have been consistently in the news as student loan borrowers struggling with the repayment process raise the issue in Washington and with the media. Frustration lingers as borrowers face a variety of issues from unclear expectations and loan servicers that don’t provide sufficient assistance to options for tax relief or loan forgiveness.
The federal government has not been blind to the issue, taking a number of steps to provide relief to student loan borrowers. This includes providing refinancing options to borrowers with eligible loans, creating an online tool to help borrowers understand their options, and an executive order that created a student loan forgiveness program. The Trump Administration has also proposed simplifying the process for borrowers to apply for income-driven repayment plans.
These measures decrease the burden on student loan borrowers and help ensure that borrowers can stay on top of their loans and not get buried under a pile of debt. However, there is still a long way to go, as many student loan borrowers still struggle to repay their loans and some borrowers are turning to increasingly desperate measures–like bankruptcy–out of frustration and economic necessity.
