Obama’s student loan debt- relief plan: To good to be true?

27 Oct

President Obama on Wednesday is launching a new plan to lower the cost of paying back student loans for millions of borrowers.

The plan, is to be implemented by executive authority alone, allows some 1.6 million students to cap their loan payments at 10 percent of their discretionary income starting in 2012. It also forgives the balance of student loans after 20 years of payments. Current law allows students to limit loan payments to 15 percent of income, forgiving debt after 25 years of payments, though few students are aware of this option.

http://news.yahoo.com/obamas-student-loan-debt-relief-plan-too-good-234242818.html

-Alexandria Trevino

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3 Responses to “Obama’s student loan debt- relief plan: To good to be true?”

  1. changemakermvu October 27, 2011 at 2:50 pm #

    i think this is good because it will help give students some relief.

    Patrick Uchebo

  2. changemakermvu October 28, 2011 at 2:53 am #

    Most certainly this would be a relief for economically trapped borrowers, but the question would be as to whether this is a campaign strategy as an effort in reaching out to a voting bloc that was crucial to his election in 2008.
    – Millicent Afeame.

  3. iliana November 8, 2011 at 10:30 pm #

    really it took them that long to figure that out… of course they need to stop with the high intrest prices they add to loans. and some companies need to be more responsable and stop tricking people into falling into debt. It’s insane when they lend money to people who have bad credit and on top of that they try to burry them into debt by over charging every week they dont make a payment… over whelming……

    iliana

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