Home » Frugal Living Forums » Let's talk! » Personal Finance

New rules to help graduates pay their student loans unveiled

4 replies
Thu, 10/27/2011 - 22:52
greenmachine's picture
greenmachine
User offline. Last seen 1 week 6 days ago. (Offline)
Joined: 12/20/2008
Posts: 934

The Obama administration is revising some rules on federally guaranteed student loans. The administration says the changes will make it easier for graduates to repay them. It's making it easier for students to consolidate loans into a single payment and expanding a program that bases payments on a graduate's income. The new rules will affect 7 million of the 36 million student loan borrowers.

For the podcast or the transcript, go here: http://www.npr.org/2011/10/26/141734190/obama-unveils-new-student-loan-rules


Show me your garden and I shall tell you what you are. - Alfred Austin

Top

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 10/28/2011 - 23:35
#1
Kay's picture
Kay
User offline. Last seen 3 days 8 hours ago. (Offline)
Joined: 12/19/2008
Posts: 1096
Re: New rules to help graduates pay their student loans unveiled

Under President Obama's plan, students' monthly payments on their government-backed loans would be capped at 10 percent of their discretionary income. ...
And if 20 years down the road you still haven't finished paying back the money you borrowed, the federal government will forgive the balance. Also, beginning next January, students and college graduates will be able to consolidate their loans at much lower interest rates.

I think that's wonderful! Student loan payments are an albatross around their necks. Many would have more disposable income if they had simply left school and got a job where they could rise through the ranks with on-the-job experience. College seems less and less of a need these days to get on in the world.


The best way for a person to have happy thoughts is to count his blessings and not his cash. ~Author Unknown

Top
Sun, 10/30/2011 - 18:48
#2
Savannah's picture
Savannah
User offline. Last seen 5 days 11 hours ago. (Offline)
Joined: 12/19/2008
Posts: 1059
Re: New rules to help graduates pay their student loans unveiled

 I think the glory days of college have passed. Many very intelligent kids drop out and start down an entrepreneurial path nowadays. The internet and rise of computers have flung that career path door wide open. Mark Zuckerberg of Facebook did it. The late Steve Jobs did it. Bill Gates did it. Look how successful they became! And all without a student loan to pay off for the next two decades. 

Top
Fri, 11/04/2011 - 04:25
#3
bringmeroses's picture
bringmeroses
User offline. Last seen 3 weeks 1 day ago. (Offline)
Joined: 03/07/2009
Posts: 893
Re: New rules to help graduates pay their student loans unveiled

A lot of smart people that could be great contributors to our society fall through the cracks because they can't get a scholarship nor afford to take on an enormous student loan debt. For every Jobs, there's another hundred that never got the chance to even try although they wanted to. That's sad. Higher education should be free and the only thing you should need to attend are good grades. 


When you have only two pennies left in the world, buy a loaf of bread with one, and a rose with the other.

Top
Mon, 11/07/2011 - 03:30
#4
pennywise's picture
pennywise
User offline. Last seen 2 weeks 3 days ago. (Offline)
Joined: 01/08/2009
Posts: 875
Re: New rules to help graduates pay their student loans unveiled

 
Higher education should be free and the only thing you should need to attend are good grades.
 

Amen to that, bringmeroses! We complain about the dumbing down of each generation and that's one of the reasons why. The gap between rich and poor gets wider and fewer can afford to go. It's a shame your financial shape and not your ability is often the deciding factor.

Top