Student Debt Relief

Student Debt Relief

Written by Millionaire’s Digest Team Member: Rashida Carter

Founder & Owner of: The Randomness that is WE

Millionaire’s Digest Team, Contributor, Family & Life Writer

As i know all to well, student loans are taking over the lives of the majority of college students. Limiting what the can and can not borrow from banks upon graduation. The average amount of student debt is currently ranging from $35,000 to $50,000, and trust me, that’s on the low spectrum.

A lot of students who go to undergraduate school and then decide to further their education, have at the very minimum $80,000 to $100,000 in student debt. How are student expected to pay these monies off, when there is a likelihood that they will not obtain employment in their field of academia for at least 6 to 18 months after graduating (maybe longer).

Obama proposed a student loan forgiveness program for students who after making 20 years worth of payments will have the rest of their loans forgiven. Oh yea, now that only includes federal loans. So for the student who have both private and federal loans, your private loans will need to be paid in its entirety, no forgiveness there. Now, while i love President B. Obama, and i agree with the majority of what he has done for the country, this idea absolutely sucks. If you are anything like me, you cant get a bank loan for a house (co-op,condo,house) because you’re loans are entering repayment and based on your income and the other bills that you have and need to pay, to them it looks like you will not be able to afford everything *le sigh*.


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However, though i am not the biggest fan of Hillary Clinton, she does have a pretty interesting proposal for student debt relief. Mrs. Clinton is proposing the option to refinance student loans to current percentage rates (i’m hoping those percentages will be considerably lower than the 6.8% that i know it is now). A revised income based repayment system the permits you to only pay 10% of your current income. Enrolling employers in the relief programs, allowing payroll deductions along with the tuition reimbursement that most employers offer now. Starting a business will also give you some forgiveness totaling $17,500. As well as being a member of AmeriCorps and providing the minimum of two years of service, will get your entire loan forgiven (doesn’t sound like a bad idea,huh). She also is creating an initiative for incoming college students as not to defer young kids from enrolling in college.

Secretary Clinton i hope you can live up to the promises you are making for college student with a mountain of debt, because i know we all can agree, that we don’t want to pay student loans for the rest of our lives. At the very least making it manageable will do a great deal for a lot of us, so people can stop taking about us being almost 30 still living with out parents, because we cant afford to pay rent and everything that comes with it, and pay off our student loans. I know the millennials are something special, but i think thats a bit too much to ask of us… dontcha think ?

Article Credits: Rashida Carter

Millionaire’s Digest Team, Contributor

(For Educational Bloggers & More)

21 thoughts on “Student Debt Relief”

  1. I believe Hilary could better a plan. Actually, any president could. However, I still think there needs to be more consideration with helping student loan debt. It’s overwhelming! Most will go without discretionary income for years to pay off the debt. Seems a bit backwards when you spend so much money to better yourself and you end up poorer then when you began.

  2. Hello,

    If you guys are still struggling with your student loan payments, falling behind or even in default, I have the answer. Its based on a bill passed by congress in 2007 that not a lot of people know about, The William D Ford Act. Reduction of payments, second change taking you out of default and even forgiveness/discharge!!

    Please reach out to me directly and I can explain in more detail.

  3. Student loans are a very hard issue to navigate. I know I have my fair share from law school but really am unsure of the best solution. I recently started a blog about my law school experience check it out if you have a chance.

  4. Thanks for sharing your thoughts on this ongoing topic. Is it necessary to have universities charging the outrageous amount of money like they do now? What if there was a new system in place where it didn´t cost anything to go to university? Would students take advantage of it because it´s free?

  5. Loved how you explained everything my friends could totally agree with you they are going through so much struggle to pay their college loans could imagine how much of a headache that could be

    Do check out my blog posts and let me know what you think would love that I’m new to the blogging world xxx

  6. If I was to study in college these days, I would not do it in United States. There are many countries around the world in which bachelor degree education is free, so what is the point of getting a five- or even six-figure debt?

    It’s sad to see how much schools abuse our young people. It is not fair.

  7. 60 years ago, a college educated individual could provide for their family and not have to worry about financial independence, however, come today student debt burden is only increasing and this is harder to overcome. I currently stand with $125,000 in student debt and will be graduating as a Physician Assistant by the end of the year and it is sad that a highly educated individual has to begin their career with a figure like this looming over their head. I actually started to write a blog of my own (as of today) to bring along my readers/viewers on the journey of clearing my debt. Such a large problem in today’s society.

    My blog:

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