Ready, Set, Develop

Starting with Development Best Practices


Over the past few decades, the cost of higher education has skyrocketed, resulting in an alarming increase in student loan debt. According to Federal Reserve data, the total student loan balance in the United States has reached $1.7 trillion, making it the second-highest consumer debt category after mortgages. As the number of students taking out loans to finance their education continues to rise, it has become evident that the current student loan system is not sustainable. It is no longer just a financial burden for individual borrowers, but a pressing issue with profound social and economic implications. In this essay, we will discuss the future of student loans, examining the policy considerations and advocacy efforts needed to address the student debt crisis, enhance affordability, and promote equitable access to higher education.

Policy Considerations

One of the key reasons for the student debt crisis is the rising cost of higher education. The cost of attending college has far outpaced the rate of inflation, making it increasingly unaffordable for many students and their families. To tackle this issue, policymakers must prioritize implementing policies that address the root causes of rising tuition fees. This could include incentivizing universities to control costs, improving transparency in college pricing, and increasing funding for public institutions.

Another significant policy consideration is the current interest rates on federal student loans. These rates have steadily increased over the years, with the current rate for undergraduate loans at 2.75% and graduate loans at 4.3%. Given the current economic climate and the record low-interest rates for other forms of borrowing, these rates seem disproportionately high and contribute significantly to the overall debt burden for borrowers. As such, policymakers must consider lowering interest rates to make student loans more manageable for borrowers.

Moreover, the current student loan system lacks adequate borrower protections and repayment options. Unlike other forms of consumer debt, student loans cannot be discharged through bankruptcy, and defaulting on payments can have severe consequences for borrowers, such as damaged credit scores and wage garnishments. To address this issue, policymakers must consider expanding loan forgiveness programs and implementing flexible repayment plans based on income.

Legislative Proposals

Numerous legislative proposals have been introduced in recent years to address the student debt crisis. For instance, the Student Loan Forgiveness for Frontline Health Workers Act, introduced in April 2020, proposes to forgive up to $25,000 in federal and private student loans for frontline health workers responding to the COVID-19 pandemic. The proposed College for All Act aims to make college tuition-free for low-income students and affordable for middle-class families by increasing Pell Grant funding and imposing a tax on Wall Street transactions.

Other legislative proposals, such as the Comprehensive Student Loan Debt Forgiveness Act and Student Loan Borrower Bill of Rights, seek to provide relief for borrowers struggling with their student loans. These proposals include measures such as capping interest rates, allowing for refinancing of federal loans at lower rates, and reinstating bankruptcy protections for student loans. While these proposals face significant challenges in gaining support and being enacted, they highlight the urgent need for policy reform.

Advocacy Efforts

In addition to legislative efforts, various advocacy groups and organizations have been actively working to address the student debt crisis and promote affordable higher education. One prominent example is the Student Borrower Protection Center (SBPC), which advocates for the rights of student loan borrowers and works towards policy initiatives to improve their financial well-being. Through research, education, and advocacy, the SBPC has been instrumental in raising awareness about the challenges faced by student loan borrowers and pushing for reforms to address these issues.

Moreover, student-led organizations, such as the Debt Collective and Americans for Financial Reform Student Debt Campaign, have been at the forefront of advocating for student loan forgiveness and comprehensive solutions to the student debt crisis. These efforts have gained momentum in recent years, with widespread calls for canceling or reducing student loan debt, particularly in light of the economic challenges posed by the COVID-19 pandemic.


The future of student loans is at a crossroads, with the need for comprehensive reform becoming increasingly apparent. While the policy considerations, legislative proposals, and advocacy efforts discussed in this essay offer potential solutions, there is no one-size-fits-all approach. The path forward will require a multifaceted approach that addresses the root causes of rising tuition fees, provides relief for borrowers struggling with their debt, and ensures equitable access to higher education. As the student debt crisis continues to grow, it is imperative that policymakers prioritize this issue and work towards creating a more sustainable and affordable system for students seeking to pursue higher education.

Leave a Reply

Definitely believe that which you stated. Your favorite justification appeared to be on the web the easiest thing to be aware of. I say to you, I definitely get annoyed while people think about worries that they plainly do not know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side-effects , people can take a signal. Will likely be back to get more. Thanks