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How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers

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Title: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers
Language: English
Authors: Hansen, Kiese, Shaw, Tim, Aspen Institute
Source: Aspen Institute. 2020.
Availability: Aspen Institute. 1 Dupont Circle NW Suite 700, Washington, DC 20036. Tel: 410-820-5433; Tel: 202-736-5800; Fax: 202-467-0790; e-mail: publications@aspeninstitute.org; Web site: http://www.aspeninstitute.org
Peer Reviewed: N
Page Count: 24
Publication Date: 2020
Sponsoring Agency: Annie E. Casey Foundation
Document Type: Reports - Evaluative
Education Level: Higher Education
Postsecondary Education
Descriptors: Student Financial Aid, Debt (Financial), Loan Repayment, State Policy, Low Income Students, Minority Group Students, Paying for College, Federal Aid, Grants, State Aid, Access to Education, College Programs, Dual Enrollment, Student Costs, Financial Aid Applicants, Money Management, Tax Credits, Housing
Laws, Policies and Program Identifiers: Pell Grant Program
Abstract: Student debt balances are ballooning, posing a serious threat to the financial security of millions of borrowers across the country. In the last 15 years, total outstanding student debt has grown six-fold and now hovers at over $1.5 trillion. Student debt has significant short- and long-term impacts on individuals, their communities, and the broader economy. The crisis demands urgent action to alleviate its impacts on individuals, their families, their communities, and the broader economy. While it is too early to say what the long-term impacts of the crisis will be, what has unfolded so far indicates a need to curb further escalation. Solving the crisis will require solutions from a range of stakeholders and actors--and states have an opportunity to act immediately. To provide options to states to address this growing threat to financial security, Aspen Institute Financial Security Program conducted a scan of possible state solutions to address student loan burdens. The identified solutions fit into three types of actions that align with the borrower experience, with particular consideration for how they help low-income borrowers and borrowers of color: (1) Reduce the out-of-pocket cost of attendance; (2) Protect students as they navigate existing debt; and (3) Decrease existing student debt burdens. [Research and writing assistance for this report was provided by Jordan Thomas.]
Abstractor: ERIC
Entry Date: 2020
Accession Number: ED606374
Database: ERIC
FullText Text:
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  Data: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers
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  Data: Aspen Institute. 1 Dupont Circle NW Suite 700, Washington, DC 20036. Tel: 410-820-5433; Tel: 202-736-5800; Fax: 202-467-0790; e-mail: publications@aspeninstitute.org; Web site: http://www.aspeninstitute.org
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  Data: Annie E. Casey Foundation
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  Data: Student debt balances are ballooning, posing a serious threat to the financial security of millions of borrowers across the country. In the last 15 years, total outstanding student debt has grown six-fold and now hovers at over $1.5 trillion. Student debt has significant short- and long-term impacts on individuals, their communities, and the broader economy. The crisis demands urgent action to alleviate its impacts on individuals, their families, their communities, and the broader economy. While it is too early to say what the long-term impacts of the crisis will be, what has unfolded so far indicates a need to curb further escalation. Solving the crisis will require solutions from a range of stakeholders and actors--and states have an opportunity to act immediately. To provide options to states to address this growing threat to financial security, Aspen Institute Financial Security Program conducted a scan of possible state solutions to address student loan burdens. The identified solutions fit into three types of actions that align with the borrower experience, with particular consideration for how they help low-income borrowers and borrowers of color: (1) Reduce the out-of-pocket cost of attendance; (2) Protect students as they navigate existing debt; and (3) Decrease existing student debt burdens. [Research and writing assistance for this report was provided by Jordan Thomas.]
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      – Text: English
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        PageCount: 24
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      – SubjectFull: Student Financial Aid
        Type: general
      – SubjectFull: Debt (Financial)
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: State Policy
        Type: general
      – SubjectFull: Low Income Students
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      – SubjectFull: Minority Group Students
        Type: general
      – SubjectFull: Paying for College
        Type: general
      – SubjectFull: Federal Aid
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      – SubjectFull: Grants
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      – SubjectFull: State Aid
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      – SubjectFull: Access to Education
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      – SubjectFull: College Programs
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      – SubjectFull: Dual Enrollment
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      – SubjectFull: Student Costs
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      – SubjectFull: Financial Aid Applicants
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      – SubjectFull: Money Management
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      – SubjectFull: Tax Credits
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      – SubjectFull: Housing
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      – SubjectFull: Pell Grant Program
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      – TitleFull: How States Can Solve the Student Debt Crisis: A Framework for Reducing Student Debt Burdens for Present and Future Borrowers
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