STUDENT LOAN DEBT - These 3 words may haunt you if you have an overwhelming student loan debt.
Instead of getting nervous, check out President-elect Donald Trump’s student loan forgiveness plan and know more about how you can get rid of your student loan debt.
Trump wants to make 2 major changes to the current student loan forgiveness program. According to him, the changes are as follows:
President Obama’s student loan forgiveness program has the following provisions:
Let us find out the other changes that Mr. Trump wants to make in his student loan forgiveness plan:
At present, low-income workers may find it difficult to repay their student loans due to the high interest rates.
Hence, low income workers may find it easy to repay their student loans.
According to Donald Trump, the federal government would abolish tax exemptions on endowments if colleges don’t provide cost effective degree programs to students.
He also mentioned that universities and schools must reduce their tuition fees by lowering the gigantic administrative fees.
Trump has plans to cut the repayment term from 20 years to 15 years and increase the monthly payment from 10% to 12.5%. There is no doubt that student loan borrowers have to pay more under Trump’s student loan repayment program.
They can then use that money for other important financial needs.
You’ll be more financially peaceful if you take charge of your own money. Don’t depend on others to help you in monetary crisis. Instead, make your plan, control your finances and try to solve financial issues yourself. If you can take charge of your money, your financial life won’t suffer any more.