Forgive Federal Student Loan Debt After 20 Years
On Monday afternoon, Senate HELP Committee Chairman Lamar Alexander (R-Tenn.) took the stage at the American Enterprise Institute to lay out his plan to rewrite the Higher Education Act (HEA). While some aspects of his plan were expected given current issues in U.S. higher education, others came as a shock from the Republican senator and, if passed into law, would represent one of the most radical moves in the U.S. postsecondary system in recent memory. Among the proposed changes, Sen. Alexander suggests that if a borrower does not pay back their federal student loans within 20 years, the remaining balance should be forgiven without it affecting his or her credit score. He hopes to have the legislation introduced to the Senate by the spring and to pass it by Christmas.
American learners face countless issues attending college today, but one issue stands tallest among them: the cost. American borrowers currently carry over $1.5 trillion in student debt collectively. Sen. Alexander’s planned rewrite of the HEA focuses on three areas: simplifying the FAFSA application, restructuring how Americans repay federal student loans, and expanding college accountability of their graduates. More at https://news.elearninginside.com/sen-alexander-proposes-forgiving-federal-student-loan-debt-after-20-years-along-with-other-measures-for-hea-rewrite/
