Millennial student debtors don’t think they’ll have to repay student debt
We recently surveyed millennial student debtors and over 30% believe they will not have to repay their student debt. With over $1.5 trillion in total student loan debt and a growing rate of default, many believe the government or someone else will step in to relieve this insurmountable burden. Guess again!
Even established loan forgiveness programs such as the Public Service Loan Forgiveness Act will likely be cancelled. Citing budget concerns, Education Secretary Betsy DeVos has recommended to terminate the program which has been around for 10 years. Bottom line, if the government can’t afford to keep current forgiveness programs running there is no chance for sweeping government debt relief.
Many millennials also believe they can continually defer their student debt to avoid repayment. Hate to be the bearer of bad news but deferment cannot go on forever. Even in death, the majority of student loans remain due and payable.
Why put off for tomorrow what you can accomplish today? Yes, student loans are a burden. Yes, something should be done to fix the cost of education. But no, nothing practical is in process to fix the problem. That is why at LoanGifting, we’ve combined the repayment power of crowdfunding and employer sponsored Student LoanBenefitsTM to help fight student debt.