Debt Forgiveness: Escape Your Student Loans

President Biden’s Student Loan Forgiveness Dilemma

President Biden has been under intense pressure from the progressives in his party to enact a blanket student loan forgiveness program. Top Democrats in Congress and student debt cancelation proponents say that student loans burden borrowers and prevent students from achieving the American dream. They also claim that it negatively affects diversity and equity issues.

Although some in Biden’s party say that he could accomplish student loan forgiveness through executive order, the President has pushed back on that, maintaining that Congress needs to be involved in any mass student loan forgiveness program.

Student Loan Pause and Other Available Relief

Despite this, there are ways for student borrowers to experience some relief from the burden of debt. First, with the urging of President Biden, the U.S. Department of Education has extended the student loan payment suspension on student loan repayment, interest, and collections until January 31, 2022. It is believed that this will give borrowers time to prepare for the resumption of payments and avoid the pitfalls of loan default.

Other government programs are available to “escape” student loans, at least temporarily, if not permanently. Some of these initiatives are President Biden’s, and some have been in place for some time. For most borrowers, the loan is not canceled but partially forgiven for the borrower’s services or hardship cases.

Better Student Debt Management Is the Solution

There is no magic way to escape student loan repayment—at least not anytime soon. President Biden may have good intentions, but even he realizes that he can’t do it alone. The best remedy to the growing student debt crisis is not debt forgiveness but lower cost for education, better financial planning, and student debt management. 

Along with debt forgiveness and reducing the cost of education, a key tenant to better debt is optimization and easier management, with loan information and details easily accessible in apps that borrowers use today. In that case, the average college graduate is more apt to make wiser decisions about acquiring future debt and better equipped to repay the existing loan. 

Spinwheel offers a debt API that makes student debt management easy to accomplish by allowing the borrower to participate and take ownership in their loan management. 

Developers will experience easy system integration with Spinwheel’s no-code drop-in modules and go live within hours. In addition, branding is always crucial, and Spinwheel’s white-label drop-in module allows designers to create custom branding in an intuitive wireframe.

Also check about – How To Refinance A Student Loan

Spinwheel’s debt API interacts with financial and repayment apps to help them bring more value to their borrowers with rich actionable real-time data, repayments, debt management and other value-added features such as:

• User-permissioned complete financial picture into liabilities with stable connectivity
• Intelligence allows the borrower to make smart decisions leading to better economic outcomes
• Real-time changes and updates on the user’s behalf to automate and simplify debt management and repayments
• Fast, hyper-personalized, and smart refinancing available in your app helps save borrowers time and money

With your app and Spinwheel’s smart embedded finance technology, student debt management becomes second nature for borrowers. Visit Spinwheel’s website to get the full story of how you can attract millions of users to your app.