While the Occupy Movement that riddled the nation in 2011 and 2012 has slowly fizzled out of the media, its messages regarding certain issues still echo in our ears. The terms "1 percent" and "99 percent" are now common labels that will continue to live on, filling the conversations of college-goers, academic papers, and news reports for years to come. The gripes protestors had with class inequality and the mortgage industry are issues the nation will need to open its eyes to at some point or another. But the issue of student loans and the swelling bubble of debt they are causing is one the United States can't ignore any longer.
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If the largest financial obstacle of the new millennium's first ten years was home loans, then the second decade's new pit of economic woe is that of student loans.
Debt derived from financing one's education is, for most, the second largest loan amount one will ever take on-bowing only before the amount financed for property ownership. This amount is so large, in fact, that reports in 2012 show it has surpassed credit card debt.
The president and his administration have sensed the nation's distaste over this issue, and have consequently addressed it time and time again in public speeches. But still, the nation's students and graduates continue to suffer under the girth of their enormous college loans.
As the public waits for jobs to come back, the unemployment and underemployment rate to drop, and for some kind of fix to this growing student debt bomb, there are other avenues of relief that many may have heard of, but not enough take advantage of.
Reduced Monthly Payments
The government provides student loan borrowers with assistance in the form of its Income-Based Repayment (IBR) Plan. The IBR allows debtors to reduce their monthly education loan payments to affordable amounts, which encourages repayment, stimulates morale, and proves to be a temporary fix to a real and growing problem
Depending on what one makes (or what a married couple makes together) the IBR plan reduces monthly payments to a manageable amount. In some cases, the amount borrowers owe under this plan is absolutely nothing. The U.S. Department of Education's office for Federal Student Aid provides an income-to-repayment chart for interested students to see how much the IBR plan will save them.
Cancellation of Student Loan debt
Under the IBR plan, all students work towards a complete cancellation of their education-related debt. If a student loan borrower makes consistent, on-time, and full payments over a 25-year period (300 months), they will be rewarded with debt forgiveness.
If a borrower is a public service employee, he or she can qualify for that debt forgiveness after a mere 10 years. Public service workers include teachers, military members, law enforcement, public safety workers, those with certain non-profits, and others.
While the "99 percent" have raised many issues the nation not only should address but must address, it's important to take advantage of current available tools while the country waits for necessary fixes.
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