While Congress and the president ponder whether to forgive some federal student loan debt, students with substantial student loans should look into existing student loan forgiveness programs. Keep in mind that student loan forgiveness applies ONLY to federal loans, NOT private loans from banks and credit unions.
Borrowers in any profession may be eligible for income-driven repayment plans (for federal student debts) that set monthly payments based on current income and family size. After 20 or 25 years, depending on the plan, borrowers can have the remainder of their debt forgiven.
Currently that forgiven debt is considered TAXABLE INCOME! Yikes! But this situation is likely to change with the Covid relief bill, at least through 2025..
You might end up paying more under an income-driven repayment plan than with the standard 10 year repayment due to stretching out repayment for 20-25 years. You'd pay a lot of interest. Andy who wants to be paying student loan debt when your own kids are starting college.
Resources to help student loan borrowers:
US government Loan Simulator at https://studentaid.gov/
Student Loan Sherpa https://studentloansherpa.com/
Hang in there for a while as Congress decides whether to forgive some student loan debt.
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