Despite Student Loan Forgiveness, US Higher Education Needs reform: Experts

[{"selector":"#anim-27823c27-5368-4cca-9e88-8fc91d9e0afb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e50674a-316a-4751-866f-65f0c22d1710","keyframes":{"transform":["translate3d(0px, 116.30591%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-014ab832-fac0-443b-adfe-0f8e62f62d9f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(2.2792207532469035%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] US President Joe Biden's initiative to forgive at least $10,000 on student loans to every eligible borrower will not be enough to improve higher education in the United States.

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Individuals who had taken out regular federal loans could have up to $10,000 in debt forgiven.

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The Biden administration's student debt relief plan does not require borrowers to pay more than 5% of their monthly discretionary income in student loans, down from the 10% previously.

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As long as they make monthly payments, the plan also covers the unpaid monthly interest of the borrower.

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The Student Loan Forgiveness Program only applies to individuals with an annual income of less than $125,000.

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Borrowers paying an annual salary based on the $15 minimum wage are guaranteed not to have to repay each month.

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This plan waives loan balances of $12,000 or less per borrower after 10 years of payments.

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Ultimately, the student loan issue will continue to haunt the public until a more comprehensive reform of American higher education is introduced that will address both individual and national needs.

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