
<p class="wp-block-paragraph">The past few years have been a roller coaster for student loan borrowers. With the COVID-19 pandemic, interest on student loans was paused, and many borrowers were hopeful that student loan forgiveness would be on the horizon. I was able to save approximately $13000 in interest alone. However, as payments are set to resume in October, I am left wondering, as well as many borrowers, what the future holds. In the following paragraphs, I will discuss the current state of student loan forgiveness, what borrowers can do to prepare for the future, and what to look for in presidential candidates.</p>



<h2 class="wp-block-heading">The Current State of Student Loan Forgiveness</h2>



<p class="wp-block-paragraph">We know the <a href="https://growthandfaith.com/2023/07/08/student-loan-forgiveness-what-now/">Biden Administration student loan forgiveness</a> plan is no longer a viable option. Prior to the recent discussions surrounding student loan forgiveness, I had a solid plan in place to pay off my debt in a timely manner. However, with the possibility of forgiveness on the table, I had reevaluated my plan, but now I have to devise a new strategy. </p>



<p class="wp-block-paragraph">There are student loan forgiveness programs currently available, but they can be challenging to qualify for. The most well-known program is <a href="https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service">Public Service Loan Forgiveness </a>(PSLF), which forgives the remaining balance on your loans after you have made 120 qualifying payments while working full-time for a qualifying public service employer. As a nonprofit employee, I am eligible to participate in the PSLF program once I have met the qualifying payments requirement, but I don&#8217;t trust it. The PSLF program has been notoriously difficult to navigate, and many borrowers have been denied forgiveness even after meeting all the requirements. </p>



<p class="wp-block-paragraph">Taking this into account, I am uncertain whether I can trust the next administration to forgive my student loans when the time comes. As such, it is crucial for borrowers to keep a close eye on the candidates running for the presidency in the upcoming election to ensure that we make an informed decision and take the necessary steps to secure our financial future.</p>



<p class="wp-block-paragraph">In addition to PSLF, several other student loan forgiveness programs are available, such as the Teacher Loan Forgiveness Program, the Perkins Loan Cancellation Program, and the Borrower Defense to Repayment Program. However, these programs also have strict eligibility requirements, and many borrowers must be eligible.</p>



<h2 class="wp-block-heading">What Borrowers Can Do to Prepare for the Future</h2>



<p class="wp-block-paragraph">With the future of student loan forgiveness uncertain, borrowers need to take steps to prepare for the possibility that they will not be eligible for forgiveness. Here are a few things I am working on and researching: </p>



<ul class="wp-block-list">
<li><strong><a href="https://growthandfaith.com/2022/12/29/creating-a-budget-the-basic-elements-of-developing-your-budget/">Creating a budget and making a plan to pay off your loans</a>.</strong> Even if I am hoping for student loan forgiveness, it is crucial that I have a plan in place in case forgiveness does not happen. Creating a budget and tracking my spending to see how much I can afford to put toward my monthly loans will put me in control. </li>



<li><strong>Considering refinancing loans.</strong> It is always a smart idea to find out if refinancing your students&#8217; loans, especially private student loans, can help to lower your interest rate and save you money. </li>



<li><strong>Looking into income-driven repayment plans.</strong> I may be eligible for an income-driven repayment plan to help lower the student loan payments. These plans cap the monthly payments at a percentage of the borrowers&#8217; income, and any unpaid balance is forgiven after a certain number of years. The catch is that the payments often does not cover the monthly interest rates, and borrowers are left like they are not making any progress. </li>
</ul>



<h2 class="wp-block-heading">What to Look for In Presidential Candidates </h2>



<p class="wp-block-paragraph">The next presidential election is coming up in 2024, and borrowers need to pay attention to the candidates&#8217; positions on student loan forgiveness. Do I trust any of the candidate to support student loan forgiveness? <strong>No.</strong> Do I trust that they will be able to accomplish their campaign&#8217;s promise? <strong>Not really.</strong> Here are a few things I am going to look for:</p>



<ul class="wp-block-list">
<li><strong>Do the candidates support student loan forgiveness?</strong> ;If so, how much forgiveness do they support?</li>



<li><strong>What are the candidates&#8217; plans to address the rising cost of college?</strong></li>



<li><strong>What are the candidates&#8217; plans to reform the student loan industry?</strong></li>
</ul>



<p class="wp-block-paragraph">The future of student loan forgiveness is uncertain, but borrowers can take steps to prepare for the possibility that they will not be eligible for forgiveness. By creating a budget, refinancing their loans, or looking into income-driven repayment plans, borrowers can take control of their student loan debt and protect themselves from financial hardship.</p>
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