News Clips

A decade after the law was passed, she has held up her end of the deal yet remains saddled with debt she should not have to repay. While she is thrilled that students are returning to her classroom this month, her $500-a-month student loan bill that should have stopped coming years ago is a constant reminder of how our country’s student loan system has failed her.

That small slice of borrowers shows that the programs aren’t doing enough to protect borrowers from being trapped in a lifetime of debt, according to a report released this week by the National Consumer Law Center and the Student Borrower Protection Center.

Eleven state financial regulators are calling on Education Secretary Miguel Cardona to rescind Trump-era regulations that they say are insulating student loan servicers from more oversight.

Congress wrote a law promising forgiveness to student loan borrowers who make two decades of on-time payments. But that promise has fallen short, according to a new report. Of the roughly two million borrowers on the plan who have been making payments for more than 20 years, only 32 individuals have ever received total cancellation.

While the legislation does not outline any direct student loan relief, lawmakers continue to debate how to remediate the debt crisis. Mark Huelsman is a fellow at the Student Borrower Protection Center and has been researching student debt for years. In an interview with News 3 Reporter Erin Miller, he said, “The student debt crisis is big, and it is growing.”