There's a growing number of major reform proposals to address the student debt crisis.
We’re over a year and a half from the 2020 elections, but there’s already over a dozen presidential candidates who are running, or considering running, for president.
Addressing the ongoing increase in student debt by steering students away from debt-financed degrees will be an important component of any student loan reform policy. But lawmakers will still have to address the $1.5 trillion in student loan debt that already exists. One idea to help borrowers contain the cost of student loan repayment would be a federal program that allows them to refinance their student loans – both federal loans and, potentially, private loans – at much lower interest rates.
Skeptics worry that if such reform was enacted, student debtors and recent graduates would flood the bankruptcy courts with petitions to discharge their student loans. However, advocates note that bankruptcy carries a lot of negative consequences – including social stigma and lasting credit damage – that would dissuade many people from immediately going the bankruptcy route.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'About as likely as Mexico paying for Trump's wall': Some experts say Elizabeth Warren's plan to break up Big Tech will never happenIt's a bold plan, but experts tell us its unlikely to happen given the history of antitrust cases and how difficult it would be to carry out.
Read more »
White House Might Put Colleges on the Hook for Student LoansThe Trump administration is weighing a measure that would require colleges and universities to take a financial stake in their students’ ability to repay government loans
Read more »
Trump Proposes To End Student Loan Forgiveness ProgramPresident Trump's new 2020 budget proposal has important implications for student loans.
Read more »
Trump's budget would end student loan forgiveness program and slash repayment optionsThe Education Department's budget would be significantly reduced under Trump's 2020 budget.
Read more »
Marco Rubio, Elizabeth Warren look to stop states from suspending professional licenses over student loan debtThe bipartisan bill pushes back against states that suspend the professional licenses of workers who can't pay back their student loans.
Read more »
Trump Proposes To End Student Loan Forgiveness ProgramPresident Trump's new 2020 budget proposal has important implications for student loans. Here's what you need to know:
Read more »
How one woman fell for a common student loan scamHer experience is a textbook example of how third-party companies prey on vulnerable student loan borrowers.
Read more »