New Developments affect Student Loans

On October 25, the Obama administration announced its plan to “make college more affordable and to make it even easier for students to repay their federal student loans.”

The new initiative has 3 goals:

1. Allow borrowers to cap their student loan payments at 10% of discretionary income.
2. Improve ease of making payments and reduce default risk by consolidating loans
3. Provide consumers with better information to make college selection decisions

If you or someone you know has student loans or is contemplating taking out loans, check out the details:
http://www.whitehouse.gov/the-press-office/2011/10/25/fact-sheet-help-americans-manage-student-loan-debt