Conclusion

When we asked Jason how he feels about his debt today, he compared himself to Sisyphus, the man of Greek mythology condemned to push a giant boulder up a hill every day, only to have it roll back down the hill as soon as it reached the top. Jason’s almost decade-long effort to repay his student loans felt similarly insurmountable. “You pay for years and the balance doesn’t go down, so it feels like a burden that’s never going to go away,” he said.

Vulnerable borrowers like Jason will benefit from effective outreach from the Department of Education (ED) and servicers, which can guide them to affordable repayment options. As borrowers will soon be at risk of default when the on-ramp period ends, ED and servicers need to step up efforts to inform borrowers of existing relief options and new programs, such as the Saving on a Valuable Education Plan. This will not only help avoid defaults, but also help borrowers lower their monthly repayment amount and get them to forgiveness faster, so that loan repayment is no longer a burden that feels like it is “never going to go away.”