Baltimore Initiative Addresses Student Loan Debt Concerns in Maryland

Baltimore is helping people with their student loan debt. The student debt crisis center met with borrowers to explain student debt, repayment options, forgiveness, and other benefits. Marylanders got information about their loans to see if they can lower or consolidate payments. This helps some people manage their money better. Clara Hernandez, a student at the University of Baltimore, worries about her loan payments increasing after she finishes school. She joined other borrowers at an informational meeting to learn about paying off student debt. Spencer Dixon from the Student Debt Crisis Center explained that federal student loan borrowers can enroll in an income-driven repayment plan. This plan helps people manage their loans better. The Student Debt Crisis Center aims to help borrowers understand the student loan system. The Biden administration introduced the "Save Plan" last summer, which has helped over 8 million people apply for lower monthly payments. However, not everyone knows about this plan or how to apply for it. Dixon emphasized the importance of educating borrowers to manage their debt effectively. Currently, Americans owe more than 1.7 trillion dollars in student loan debt. Maryland borrowers account for about 35.9 billion dollars, ranking 13th in the country. The Student Debt Crisis Center meets with Marylanders to discuss repayment options, forgiveness, and other benefits to help them handle their student debt better.