Obama Announce Plans to Revise Student Loan Repayments
Are you dealing with a student loan? While I'm lucky enough to be old enough that my loans have been paid back (and were minimal), my kids aren't as lucky. I have two in college now, and one already out and paying his loans back. It's a difficult world, and a world that is full of much more debt than I'd ever like to have to see my kids with. I do what I can to help, but it's a system that one parent's love and hopes to make disappear cannot always correct.
Obama let college students know yesterday of his plans to find ways to improve student loans and student loan repayments to make it better for students, and less likely to put them into debt for the rest of their lives.
Overall, it seems like his plans boiled down to the following:
_ Official report about if student loans should have different rules when it comes to bankruptcy or other loan laws due by Oct. 1
_ Will require clearer disclosures from companies to make sure borrowers understand who is servicing their loan and how to set monthly payments and change repayment plans.
_ This so called "student aid bill of rights" should help those taking private loans get better information and benefits already provided to those with federal loans
_ It should also "help you get back in good standing with reasonable fees on a reasonable timeline."
_ There also may be requirements for loan servicers to put payments towards the highest interest rate loan first.