As tuition fees are increasing everywhere due to the fact that governments of various countries can no longer support the educational institutions in the manner that they were used to in the past due to the financial crisis affecting most of the world today, it is increasingly becoming the norm for students to who are determined to pursue a degree despite the high cost of education today to incur student debt. This has already led to student protests, the most notable in recent time being in the UK, where students participated in mass walkouts from university lectures as well as street demonstrations to show their displeasure at the rising cost of higher education.
However, governments cannot exactly be blamed for increasing tuition fees because they also have to adopt the cost of tuition to factors such as inflation and the economic downturn affecting even the wealthy countries such as the UK and the United States. This is why students should take it upon themselves to find ways to get student loan debt relief if they expect to still get the degree they plan on finishing.
In the US, there is hope for student debt relief as there is a bill proposed by Re. Hansen Clark called the Student Loan Forgiveness Act of 2012. This scheme also known as the “10-10” plan involves borrowers paying 10 percent of their income for 10 years following graduation. The remaining debt would then be erased, with no questions asked. According to Clark, pursuing education is an American dream which has now been a national nightmare due to the high cost of public education, especially higher education. Once the student finishes a school, he or she will have already piled up a really high loan, and this will be a big cloud hanging over their head as they are of course under pressure to pay these loans. Considering the current state of the economy, a significant percentage of graduates find themselves either unable to find a job or settling for one which offers a low salary, especially for beginners. That is why this bill certainly promises welcome student debt relief.