released last December
found that 23% of master’s programs produce graduates with debt equal to 100% or more of their earnings after two years, which is considered a high ratio. At the most extreme, 7% of programs have very high ratios–average debt of $80,875 and median earnings of $41,097. Students caught in the disconnect between the amount they owe and the amount they earn are increasingly using the government’s income-driven repayment programs, which are designed to make payments more affordable, but can drag out those payments for up to 25 years for those who have graduate school debt.
True, those who work full-time for government and not-for-profits can make income-based payments and theoretically qualify for Public Service Loan Forgiveness in 10 years. But Kilman’s job as an adjunct professor at Portland State never qualified him for the speeded up loan forgiveness. “We are fortified temp workers,” he says of the plight of adjuncts. “Every semester, every quarter, your income can change.
Along with the $10,000/$20,000 loan forgiveness program now before the Supreme Court, the Biden Administration has been working on other initiatives designed to help those with no hope of ever paying off their student loans. In January itof the IDR plan known as REPAYE.
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