LETTER: Student loan program originates from good intentions (2023)

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Charles Parrish Las Vegas

September 9, 2022 - 9:01 pm

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The 1965 government-backed student loan program started with the idea that low- and middle-income families would be able to use loans to educate their children beyond high school and allow them to have greater lifetime earnings. Unfortunately, university administrations saw this as an easy way to increase endowments and profits, so they proceeded to greatly raise tuition. Larger loans were needed, plunging students further in debt.

In 1976, Congress decided to add to the students’ burden and help loan providers by revising the program so that the use of bankruptcy became nearly impossible.

Some students owe more in interest than the original loan amount. Some people seem to be angry, saying forgiveness is not fair and the students should pay back what they borrowed. Where is the compassion for those who were trapped by greedy, unscrupulous administrators and private loan sharks? Give the students a break with loan forgiveness and all of society will benefit.

(Video) How Biden's student loan forgiveness program will work

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FAQs

How do you write a letter asking for student loan forgiveness? ›

I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank-you in advance for your understanding of my situation.

Explore More ›

Are emails about student loan forgiveness real? ›

Often they're just fraudsters who are after your money. Here are some examples of the false claims made in these communications: “Act immediately to qualify for student loan forgiveness before the program is discontinued.”

View Details ›

Why do I keep getting denied for student loans? ›

Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.

Keep Reading ›

What are 3 things you should keep in mind when taking out a student loan? ›

8 Tips for Taking Out Student Loans

Compare financial aid offers. ...
Borrow only what you need. ...
Consider working part-time. ...
Ask questions and follow instructions. ...
Shop around for private loans. ...
Be clear on what you're signing. ...
Note private-loan credit requirements. ...
Consider making interest payments while in college.

LETTER: Student loan program originates from good intentions (2023)

FAQs

How do you write a letter asking for student loan forgiveness? ›

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