"The Biden Administration is forging a plan that will be released in the coming weeks on how to address the student loan crisis and the $1.7 trillion in debt facing 43 million Americans. The National Association of Student Financial Aid Administrators and 21 other organizations have a good idea why the system has failed and have proposed their own set of solutions beyond simple loan forgiveness," University Business reports.
"NASFAA and those groups have combined in a 42-page report that includes more than 30 recommendations they say can help provide a framework for policymakers to avoid repeating the same mistakes in years to come.
'As the president and Congress consider widespread debt forgiveness, we call attention to the noticeable absence and urgently needed policy reforms that will prevent borrowers from being in this same exact position in the future,' said NASFAA President and CEO Justin Draeger. 'Fixing the loan program would be less expensive than forgiving $1.5 trillion in loan debt. We need a reset. And whether that reset does or doesn’t contain loan forgiveness, it’s beside the point. People need simplicity and predictability.'"
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 5/17/2022