Student loan plan changes

iVillage Member
Registered: 08-06-2009
Student loan plan changes
3
Fri, 10-28-2011 - 11:18am

Should College Grads Get a Break on Their Loans?
The Obama administration has eased the terms on student debt. What impact will the new rules have?

The plan will let borrowers consolidate their government loans and government-backed private loans into one monthly payment, at a lower interest rate. It will also give people the right to cap their loan payments at 10 percent of their income, down from a current limit of 15 percent, and will allow student debt to be forgiven after 20 years, compared with 25 years under the law now.
Will the Obama plan make a difference?To collect college debt, predatory creditors garnish wages and deduct from Social Security and disability payments. The Justice Department actually prosecutes the bankrupt -- even though borrowers in default are charged two and three times what they borrowed because of bogus fees and penalties and compounded interest, making the money mathematically impossible to pay.
iVillage Member
Registered: 08-06-2009
Mon, 10-31-2011 - 4:05am
Hi Jean,

Do you think we need directed education to jumpstart our economy?

Do you think education has become an alternative to employment / strategy to avoid work?
iVillage Member
Registered: 10-25-2006
Sat, 10-29-2011 - 11:02pm

I read some of the comments at the NYT site and there are a bunch of angry people out there.

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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php

http://www.youtube.com/watch?v=DQTBYQlQ7yM

iVillage Member
Registered: 08-06-2009
Fri, 10-28-2011 - 11:21am
Oops Forgot the story link
http://www.nytimes.com/roomfordebate