Solving the student debt crisis won’t happen overnight. But federal leaders hope a continuing loan forgiveness program could be the start. They visited New Jersey Monday to remind borrowers about relief available — but used by few.
In New Jersey, more than a million student loan borrowers owe over $50 billion in loans, an average of $33,000 per borrower. “There are still many people out there who don’t know what their entitlement is or maybe they tried before and it didn’t work out because the program was so gummed up and now it can be different but they don’t believe it,” said Richard Cordray, COO of Federal Student Aid in the United States Department of Education.
