As President Joe Biden mulls the possibility of widespread student loan forgiveness, a community college in New Mexico may offer insight to prevent the need for future mass cancelation.
Some private universities with large endowments can offer their students financial aid packages that don’t come with student loans.is the most recent of these schools to offer no-loan financial aid packages. But while these programs are generous, their impact may be limited. The universities that offer these aid packages often have low acceptance rates and high academic standards, which can make it difficult for students from under-resourced high schools to attend.
Jackson said states and the federal government could partner to make attending a public university debt-free. She added the government should also create a fund focused on providing support services to students in college, so they can complete their education in a timely manner. That’s especially important given that students who stay in school longer are less likely to graduate and to incur more costs along the way.
Specifically, borrowers have to prove an “undue hardship,” which says their standard of living has suffered, that they have tried to pay back their loans and that their situation is unlikely to change.to reconsider the undue hardship standard and has introduced a bill that would allow borrowers to discharge their debt via bankruptcy after 10 years.
But even making student loans eligible for bankruptcy may turn off borrowers, Jiménez said. Some may be worried about how a bankruptcy on their record may appear to potential employers or property management companies. And others, Jiménez said, may fear the stigma associated with the practice.A 'clear demand' to help students
These students still encounter costs not covered by their scholarships or grants like rent or childcare, said Nancy Durbin, the community college's financial aid officer.
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