In the recent economic downturn, cost of education is becoming unbearable and students are incessantly falling into student loan debt. According to the recent statistics, there are around 206,000 students in U.S. with at least $40,000 in student loan debt. Standing in this situation, Mayor Bloomberg [of New York] acknowledged that something should be done for these young people to provide them debt relief before we take the matter to the street and riot.  

Clinical psychologist Bruce Levine is also hopeful about the fact that the potential youth will be able to overcome these barriers. He said that something needs to be done to reduce their pain, and has provided a few important solutions. Let’s have a look at them.

According to founder of www.forgivestudentloandebt.com, Robert Applebaum, student loan forgiveness can bring in some relief to students' life from their outstanding student loan debt. But according to Levine is a very small relief for the youth. He said what's holding students back cannot be fixed by a petition or legislation. You need to do something personal to fight back against the student loan debt. Like for example, if you are confused about whom you owe the loan, you must approach the Office of the Ombudsman at the Department of Education [DOE] and seek help in tracking out your loans.  

You can also contact the Institute for College Access and Success who has initiated the Project on Student Debt. Although they cannot help you to resolve your personal financial woes, they have great resources to assist you to work around consumer protection rights for student loan borrowers.

If you are being delinquent in paying your student loan you can qualify for Income Based Repayment (IBR) and loan consolidation. The best thing about the programs like IBR and Public Service Loan Forgiveness is that once you enroll in this program they will immediately take off some burden of your student loan. Another great thing about IBR is that after repaying the student loan for 25 years, the rest of your loan will be forgiven.

If you are into a financial trouble and are facing difficulty in paying off the student loan debt you must talk to your loan holder and ask questions about your options. If your loan holder is rude with you and not willing to help then you must contact the Federal Trade Commission. To learn more about how to deal with collection agents you can visit the Federal Trade Commission website's Facts for Consumers. You may also form support groups in your college and help each other without being judgmental.  

Almost all recent graduates are struggling hard to pay off their student loan. On the one hand there is a steady growth of college tuition rates, and on the other employment opportunities for recent graduate’s decreases. According to the DOE reports around 8.8 percent of student borrowers are defaulting in paying the loans.  

Moreover, there is no basic protection for borrowers against this gambling of student loan. If graduates are not being able to pay the loan, wages can be garnished without any court order. However, the only provision for borrowers' protection is Consumer Financial Protection Bureau which has been formed recently by Congress.  

If you believe that student loan borrowers deserve some kind of consumer protection like every other industry then you must support these platforms. Applebaum has acknowledged the reason for asking for your support to the nation-wide loan forgiveness is just to achieve some basic protection for the student borrowers.  
 

Idania Silvia is a financial writer associated with Oak View Law Group. She has written several articles on debt consolidation, debt settlement, and debt management for various financial websites. She holds her expertise in debt industry and has made significant contribution through her articles.