The first method is blanket loan forgiveness, where all outstanding student loans are forgiven.

This would benefit millions of borrowers who are struggling to repay their loans, but it also raises concerns about the potential cost to taxpayers. 

According to a report by the Congressional Budget Office, forgiving all student loan debt would cost around $1.5 trillion. 

This is a significant amount of money, and the question arises as to whether taxpayers should bear this cost. 

The second method is targeted loan forgiveness, where specific groups of borrowers are identified and offered loan forgiveness. 

For example, borrowers who attended for-profit colleges or universities that engaged in fraudulent practices or borrowers who work in public service jobs. 

Another option is income-based loan forgiveness, where borrowers’ loan payments are adjusted based on their income. 

Under this plan, borrowers would pay a percentage of their income towards their loans, and any remaining debt would be forgiven after a certain number of years. 

This plan is more affordable for borrowers and more equitable as it takes into account the borrower’s ability to pay.