MichMash: State of student loans in America
Alyssa McMurtry from Gongwer joined “MichMash” to discuss what options the Michigan Legislature has for student loan debt relief.
A sign reading “cancel student debt” is seen outside the Supreme Court, Friday, June 30, 2023, as decisions are expected in Washington.
Even before the U.S. Supreme Court ruled against President Joe Biden’s plans for student debt relief, Michigan lawmakers have been trying to figure out a way to help carry the burden of student loans for Michiganders.
Alyssa McMurtry from Gongwer joined MichMash to discuss what options the Michigan Legislature has for student loan debt relief.
In this episode:
- The Supreme Court strikes down President Biden’s student loan forgiveness measure. How is Michigan stepping in to help the state’s borrowers?
- Michigan Senate races update.
- Why are teacher prep candidates of color most likely to drop out of programs.
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The Department of Insurance and Financial Services will work with the state treasury to research strategies that would help new and existing borrowers.
“I haven’t seen too much change on the status of that…they are doing the research where they can,” McMurtry says. The Michigan Supreme Court is currently focused on no-fault insurance cases, so most likely after that decision is made is when we will get an update on student debt relief research.
Despite slow movement in the state, there are efforts nationally to provide student loan debt relief.
“It was announced by the U.S. Department of Education that approximately 800,000 borrowers who have been paying back their loans through an income driven repayment plan for about 20-25 years, would have the rest of those loans forgiven — we are seeing different groups receiving that loan forgiveness.”
The student debt forgiveness for those 800,000 borrowers is a smaller step the Biden administration is taking to pursue federal student loan relief with the power they currently possess.
Listen to the entire episode using the media player above.
More from MichMash:
- Supreme Court rejects Biden’s plan to wipe away $400B in student loans
- Hill Harper launches US Senate bid with event at Detroit’s Cadillac Square
- Detroit Evening Report: Proposed bills that would restore teachers unions’ bargaining power head to Michigan House
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