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

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

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.

Biden announced the US government will forgive up to $20,000 for those who have applied for Federal Pell Grants

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

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.

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

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

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

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

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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