If you have ever had a student loan you know that it is a financial burden. If you are struggling to pay back your loans, another chance at relief is in sight.

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The Biden administration's student loan forgiveness plans have been coming up against opposition at every turn. They tried to cancel student's college debt with an executive order, and since that didn't work out, now they are going to try again with a new ask.

The failed first attempt would have offered relief to about 40 million Americans. This new program is more narrow and if it ever sees the light of day, is estimated to help over 4 million.

According to CNBC the U.S. Department of Education and negotiators are trying to figure out who would benefit from this new attempt to help borrowers. They have narrowed it down to people who meet the following conditions.

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BrianAJackson
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1. Former students who owe more than they borrowed.

Being upside down on an auto loan is a bad thing, but I don't believe you could owe more than you borrowed. Student loans are different and payments can be put on hold, while interest is still being accrued.

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2. People who have been paying loans over 20 years.

Long payment terms of over 20 years are not uncommon in the student loan system. Some Texans are even taking the debt into their retirement years after seeking higher education later in life.

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3. Students of schools that didn't deliver.

If you offer an education to students at a price tag that someone entering the field they went to school for could never repay, that's just bad business. People who attended schools with a high student loan default rate could get help from this new program.

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BernardaSv
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4. Borrowers that qualify for forgiveness that never applied.

There are programs already in place in the Education Department that offer a path to student loan forgiveness. The new plan will work to give those people the information they need to get started and more.

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Doucefleur
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5. Texans experiencing financial hardship.

They will look to find people who are being asked to make payments that are too high for their income. Factors such as disability, expensive child care, and age among others could also help you qualify.

It's Now Or Never For Student Loan Forgiveness

This is an election year and a perfect time to make good on campaign promises to win. If student loan debt forgiveness is ever coming, this is the chance for select people in Texas to get out from under student debt.

If it happens, relief could go into effect as early as July of 2024.

Which State Has the Highest Median Student Loan Monthly Payment?

Using data from Business Insider and WalletHub, we ranked states by median monthly student loan payment to determine which of the 50 have the highest and which university in each state has the highest enrollment.

Gallery Credit: Scott Clow

 

 

 

 

 

 

 

 

 

 

 

 

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