Borrowers can already set up auto debit through their servicer and get a 0.25% interest rate reduction. What’s the point of payroll deductions? Most default because the Standard is unaffordable, they do not know options, or think calling servicer will result in needing to pay.
Simplifying repayment plans sounds like a good idea in theory. But in practice not so much. There are many situations where REPAYE may not be the best repayment plan such as married borrowers who file separately and do not want their spouse’s income included in the calculation.
Maybe go to a school you can afford...and take classes that actually lead to a career. I paid for my education. My debt. I didn’t cry about it.
The major point this article fails to address is whether the payments will be deducted pre or post tax (e.g. 401K, HSA). Think that’s an important point, no?
Senator, how putting a check of rising school costs, especially those fly-by-night strictly 4 profit schools like the defunct ITT? Little known? Student loan debt can only be stopped by death of the debtor! not sure if it’s not past on 2 the surviving family members.
Should reduce defence spending an pay off the outstanding studant loans and budget deficit.
I have never been late or missed a payment. What relief do I get from that? Does this new proposal mean pretax, removes/lowers the interest rate? Also, was the ROI for education considered before this came into discussion?
Good credit for all !
This is for federal loans only.
Credit debt since the Institute. After mortgage and credit bondage for life. Long live the USA
This is actually the way it works in the UK. Albeit our loans come from govt so bit different, but it works really well. Interest is capped and repayment amounts depend on your income, so it's affordable for all. Remaining debt written off at 40 years.
Mike to Mike, you need to revisit this picture lol
Lemont Sanford
Education is the biggest scam of the 21st century.
Further affirms why the LambdaSchool model is the future Austen
Not for this, but if they make it so there is zero interest on the loans, & make it a variable cap rate based on income, and forgiveness after 15 years, maybe.
Scumbag move corrupt waste
Pain is the touchstone of spiritual growth. Pay as you go.
Or NOT having the government to something for us helps develop responsibility. Another bad idea from my senator. At least we upgraded this last cycle.
Let's all get paid under the table!
fUUckKKCKkckck YYooUuOuOU
If you’ve borrowed from the government and this would feel like wage garnishment, you have a false idea of the purpose government serves.
thanks for updates forbes
Remember who Nationalized the SL Program & increased interest rates - The Obama Admin as they needed it to pay for Obamacare.
Another reason education should be free! Ignorant right wingers
The making of life long student loan debt slaves!
They already do if you dont pay. Y'all becoming the national Inquirer of business news.