New rules for student loan structures
New rules finalized last week by the U.S. Department of Education are good news for students and taxpayers. For all topics except “gainful employment,” this was the final step of the negotiated rulemaking process initiated by the Department more than a year ago to ensure the integrity of the federal financial aid programs. Among other positive reforms, the rules restore the ban on incentive compensation, so that college representatives can no longer be paid based on the number of students they enroll. These rules are an important start, but we urge the Department to put additional protections in place by 2011 and to issue a strong gainful employment regulation that will go into effect in 2012.
Notice from Ticas-the institute for college access and success
Why isn’t there a mechanism that allows students to get relief from the student loans that the banks, collection agencies, Government, has burdened them with? Some students, especially those who have run up large debts, in all probability, won’t ever pay those loans off, due mainly to over saturation in the job market. Before anyone kicks me for saying so, remember that each year the class has grown, yet the availability of job openungs in just about all fields has shrunk.
Norman:
There is a relief mechanism where the gov will adjust student loans to the amount of income you are making. There is also a non-interest forbearance which is good for 3 years. Finally if after 20 or so years (forgot what the length is) and if you have not repaid the loan and income is still low; the loan can be forgiven.
Norman:
There is a relief mechanism where the gov will adjust student loans to the amount of income you are making. There is also a non-interest forbearance which is good for 3 years. Finally if after 20 or so years (forgot what the length is) and if you have not repaid the loan and income is still low; the loan can be forgiven.
Check out Direct Loans which is a Gov Student Loan agency.