Obama to Announce Student Loan Relief Plan

Obama to Announce Student Loan Relief Plan

October 6, 2011: Gan Golan, of Los Angeles, dressed as the "Master of Degrees," holds a ball and chain representing his college loan debt, during Occupy DC activities in Washington.

WASHINGTON –  Millions of student loan borrowers will be eligible to lower their payments and consolidate their loans under a plan President Barack Obama intends to announce Wednesday, the White House said.

Obama will use his executive authority to provide student loan relief in two ways.

First, he will accelerate a measure passed by Congress that reduces the maximum repayment on student loans from 15 percent of discretionary income annually to 10 percent. The White House wants it to go into effect in 2012, instead of 2014. In addition, the White House says the remaining debt would be forgiven after 20 years, instead of 25. About 1.6 million borrowers could be affected.

Second, he will allow borrowers who have loans from both the Family Education Loan Program and a direct loan from the government to consolidate them into one loan. The consolidated loan would be up to a half percentage point less. This could affect 5.8 million more borrowers.

Education Secretary Arne Duncan told reporters on a conference call that the changes could save some borrowers hundreds of dollars a month.

“These are real savings that will help these graduates get started in their careers and help them make ends meet,” Duncan said.

Obama is expected to unveil his plan at a stop in Denver. The White House said the changes will carry no additional costs to taxpayers.                     More

wordpress visitor counter

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@https://twitter.com/candicelanier

Candice writes for several publications, including The Christian Post, Red State, The Black Sphere and Patriot Update. She is the Science & Tech Editor at the Minority Report Blog and the founder and Editor-in-Chief at Front Lines. She's also the founder of Candice Lanier's Tech News and works as a computer consultant. Additionally, Candice is an antiques dealer.

More in

Former U.S. Secretary of State Hillary Clinton speaks during a news conference at the United Nations in New York

Clinton Lawyer to Trey Gowdy: We Wiped Hillary’s Email Server. Ha Ha Ha.

Michael BeckerMar 28, 2015
15-0328 Hillary email 2

Here’s Two Reasons Why Hillary’s Email Server Was Scrubbed

Michael BeckerMar 28, 2015
Article-II

A Call For Removal

Frank McHaleMar 28, 2015
15-0328 Deadbeat Dad

Man Forced to Pay Child Support for a Child DNA Says Isn’t His

Michael BeckerMar 28, 2015
U.S. Agents Take Undocumented Immigrants Into Custody Near Tex-Mex Border

Texas County Spends Half Its Budget On Dealing With Bodies of Dead Illegals

Michael BeckerMar 28, 2015
15-0326 H1B Visa

More Executive Action on Immigration From Obama – The GOP Will Smile and Wave

Michael BeckerMar 28, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

October 2011
M T W T F S S
« Sep   Nov »
 12
3456789
10111213141516
17181920212223
24252627282930
31  

Archives

Copyright © 2014 The Minority Report Network