Student Debt

The Department of Education recently released new data for the College Scorecard, a critical consumer tool that…

Joint publication with UNCF outlining how Congress can increase college affordability and close equity gaps by doubling the maximum Pell Grant.

The current student loan payment relief benefits have provided vital economic support to upwards of 33 million borrowers who can better cover their basic needs during the pandemic without having to worry about their balances ballooning from unpaid interest, or their loans falling into delinquency or default. Without policymaker action, these protections will expire on December.

More than six in ten (62%) college seniors who graduated from public and private nonprofit colleges in 2019 had student loan debt and they owed an average of $28,950. This is a lower share of students than the Class of 2018 (65%), and a very slight decline (less than 1%) in total debt from the 2018 average of $29,200.

More than six in ten (62%) college seniors who graduated from public and private nonprofit colleges in 2019 had student loan debt and they owed an average of $28,950. This is a lower share of students than the Class of 2018 (65%), and a very slight decline (less than 1%) in total debt from the 2018 average of $29,200.

This brief illustrates that while many borrowers in IDR will repay their loans in full, those who do receive a discharge of remaining debt after 20 or 25 years of responsible payments may face an unaffordable tax liability because these discharged amounts are treated as taxable income under current law.