How Student Loans Will Be Handled In Donald Trump’s America
Student Debt Relief’s – Weekly Roundup
Every week, Student Debt Relief posts a roundup of the latest happenings in all things related to student loan debt. This week offers five articles, each covering a different aspect of student loans.
Our first article addresses what might happen to student loans in the future depending on the extent of Trump’s changes to the current programs. Our second article delves into the recent development of exactly how much student loan forgiveness is going to cost US taxpayers (and some of the backstory behind it). Our third article discusses an option for those with private student loans that could save them thousands of dollars over their loan term. Our fourth article details a new strategy currently being implemented at Purdue University that replaces traditional student loans with financing from private investors in exchange for a share of the student’s future earnings. And finally, our fifth article offers some very helpful tips for holiday shoppers with student loans to help them avoid breaking the bank when it comes to gift-buying this year. We hope you enjoy!
With all the questions around the issue of how Trump will handle the student loan crisis, this article does an excellent job of addressing them. The article takes a personal angle and explains how one actual struggling borrower may see her situation change depending on the extent of Trump’s proposed changes (and amid the current bills in Congress aimed at student loans). Any borrowers currently struggling to make their payments, or who are unable to make their payments, will find a lot of very helpful information inside.
With total student loan debt now officially topping $1.3 trillion, it’s no surprise that the US government is on track to forgive over $108 billion of that debt in the near future. This news comes on the heels of a recent report from the Government Accountability Office (GAO) stating that the Department of Education may have provided initial forgiveness estimates that were incredibly inaccurate. For those interested, this MSN Money article does an excellent job detailing both how this situation came about, and the consequences taxpayers are likely to face as a result.
For certain borrowers with private loans, the option of refinancing could be one that saves you a significant amount of money over the term of your loan. This NewsOK article details exactly how this option works. From whom the ideal candidates would be, to the criteria required, to some of the drawbacks and risks associated, this article does an excellent job of detailing how this option might benefit you. Anyone with private student loans will find this a must-read.
With all the ideas about how to fix the student loan crisis going forward, Purdue President Mitch Daniels is implementing one that he thinks will work. This CNN article explains how the former Indiana Governor is offering Purdue students an alternative to high-interest student loans by allowing them to provide a share of their future income to private investors in exchange for funding. The repayment amount and term will vary from case-to-case, but the goal of shifting the risk from the US taxpayers to private investors is getting a lot of positive attention. While this won’t solve the student loan crisis on its own, it appears to be a definite step in the right direction.
While the holiday season might be stressful for everyone, it’s even more so for those struggling with student loans. The good news is that this USN article lays out a very helpful, and money-saving, strategy for getting through your holiday shopping without breaking the bank! The best part is that all the advice can be implemented by anyone with no significant lifestyle changes required. Suggestions like setting up a holiday budget, purchasing less expensive and more “meaningful” gifts, avoiding credits cards, and being honest about what you can afford are just a few of the tips included to keep your holiday stress to a minimum.
Be sure to check back every week at Student Debt Relief for our Weekly Roundup of the latest news and updates regarding the student loan industry!