While in America education is a right, it is also a privilege and a sacrifice wrapped in one.

Millions of federal student loan borrowers could soon pay less money back on their debt for a shorter amount of time should a proposed Biden administration rule take effect later this year. The new law tries to revise the loan system and create a result that may favor borrowers. 

The key components of the bill are:

Loan Forgiveness for Public Service: President Biden supports expanding the Public Service Loan Forgiveness (PSLF) program. This program aims to forgive the remaining federal student loan balance of those who have made 120 qualifying payments while working full-time for a qualifying employer.

Income-Driven Repayment (IDR) Plans:  These plans adjust borrowers’ monthly payments based on their income and family size, making them more affordable for struggling borrowers. 

Undergraduate Loan Forgiveness: The scope of this forgiveness plan is subject to change. This plan is the rumored possibility of forgiving a specific amount of federal student loan debt for borrowers who attended public colleges or historically black colleges and universities (HBCUs), and those from low-income backgrounds.

Bankruptcy Discharge for Student Loans: Discharging student loans through bankruptcy is quite challenging, and the proposed changes aim to ease this burden for borrowers facing severe financial hardship.

Not only is college getting more expensive, but life itself is, too. As the cost of living increases rooted in significant inflation, everyday necessities are becoming more expensive. This makes student loans even more of a burden, as they constantly sap money away from already saddled graduates who are dealing with the fallout of the pandemic. 

It it now time to evaluate what is more important, money or education, and if we can even separate the two.