I wish that student loan forgiveness and employer based loan repayment were larger options and compensation options. I currently have about 135K, upon my last check, in student loan dept. 10K is from my undergraduate degree, the rest is from my graduate degree in social work.
After talking with many in the field and some internet browsing it looks like student loan debt is pretty common in social work. Programs like state loan repayment grants and Public Service Loan Forgiveness are huge in our community.
In my dream world student loan forgiveness would look different than a make it or break it ten years of payments. Things change, you go into forbearance, jobs change, life circumstances change. I believe a graduated system of loan forgiveness would have a greater impact. More people would opt for public instead of private jobs and it would provide more relief on an overburdened set of graduates.
While working in public service:
1 year of payments would equal 2k in forgiveness
2 years of payments would equal 5k in forgiveness
3 years of payments would equal 7k in forgiveness
4 years of payments would equal 9k in forgiveness
5 years of payments would equal 10k in forgiveness
7 years of payments would equal 13k in forgiveness
8 years of payments would equal 18k in forgiveness
9 years of payments would equal 22k in forgiveness
10 years would mean full forgiveness of any loans left
This would incentivize borrowers to pay back, take public or non profit jobs that pay less, while also allowing borrowers to live. Many borrowers including myself have to put off home ownership, children, and marriage due to financial concerns stemming from student loans.
The system is broken and the ratio of minimum wage, post graduate experience, post graduate wages, and the cost of tuition coupled with interest rates are not matching.