Student Debt Crisis Center meets with Marylanders to discuss repayment options, forgiveness, and other benefits
BALTIMORE -- Baltimore is taking strides to help people with their student loan debt.
The student debt crisis center met with borrowers to help them better understand their student debt along with repayment options, forgiveness, and other benefits.
Tuesday night was a chance for Marylanders to get information about their loans and see if they have any options when it comes to lowering or consolidating payments. For some, this is a matter of making ends meet.
Clara Hernandez is a college student at the University of Baltimore and knows when school ends her payments towards student loans will begin
"I'm a little nervous of the dollar amount getting higher," Hernandez said.
She joined other concerned student loan borrowers for an informational meeting with the student debit crisis center to help better understand the options available to Marylanders when it comes to paying off student debt.
Spencer Dixon, a senior policy advisor with the Student Debt Crisis Center, explained, "...any federal student loan borrower is eligible to enroll in an income driven repayment plan."
Spencer Dixon with the Student Debt Crisis Center says their program seeks to help borrowers navigate the complex student loan system.
Just last summer, the Biden administration rolled out a new plan, known as the "Save Plan". That plan is already helping over 8 million people apply for lower monthly payments. But not everyone knows that they may be eligible for it or how to apply.
"Our role is so important to provide that education and information to empower borrowers to better manage their debt and be relieved of this burden," Dixon said.
Right now, Americans have more than 1.7 trillion dollars in student loan debt.
Maryland borrowers make up about 35.9 billion dollars, the 13th highest in the country.
Borrowers, like Hernandez, are hoping when it comes to repaying debt, she can find a way to keep some money in her pocket
"That's what kind of makes me worried is how in the end is it all going to work out" Hernandez remarked.
The deadline for borrowers to apply for consolidation on certain loans is June 30. If approved, they could see forgiveness by the end of the summer.
