Signed into law by President Obama on March 30, 2010, the new student loan reforms will lead to significant savings (estimated at about $62 billion over the next 10 years) for the government and should also help to reduce the deficit over the coming the decade. These savings will come from the elimination of the federal subsidies paid to private banks administering federal student loans. For individual students and their families, however, most of the changes incorporated into the student loan process will not be effective until the year 2014. Those of you who are still not sure how the new student loan reforms affect your particular situation may find the points below to be helpful:
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In A Nutshell: What Students Need to Know About the New Student Loan Reform
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Read the full post (524 words, estimated 2:06 mins reading time) June 6th, 2010
Wells Fargo & Company launched the new Wells Fargo Student Loan For Parents earlier this month. This loan provides families another affordable financing option to help pay the cost of student tuition. Parents and sponsors who take out this loan have the option to make interest-only payments for up to 4 years while the student is in school and can take up to 15 years to repay the loan.
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New Private Student Loan: The Wells Fargo Student Loan for Parents
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Read the full post (378 words, estimated 1:31 mins reading time) May 21st, 2010
Part of a package of proposals outlined by the White House Task Force on Middle Class Families last month (January 25, 2010) was a proposal to enhance the Income-Based Repayment (IBR) plan, which was enacted as part of the College Cost Reduction and Access Act of 2007 and became available on July 1, 2009. The proposed improvements involve capping student loan payments at 10% of discretionary income and discharging student debt after 20 years in repayment.
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New Income Based Repayment (IBR) Plan for Federal Student Loans
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Read the full post (777 words, estimated 3:06 mins reading time) February 25th, 2010
The U.S. Department of Education estimates that approximately 15 million parents and students fill out the FAFSA (Free Application for Federal Student Aid) form every year. The form is used by the federal government to determine a student’s eligibility for federal assistance in the form of loans, grants, work-study and a number of scholarships, and it is also used by some colleges and universities to determine the nature and amount of financial aid provided to students. Filling out the FAFSA is a required step for obtaining student loans and other forms of financial assistance.
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The New, Simplified FAFSA Form For 2010 – 2011
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Read the full post (514 words, estimated 2:03 mins reading time) January 30th, 2010
On September 17, 2009, the House of Representatives passed the Student Aid and Fiscal Responsibility Act of 2009 (SAFRA), a student aid bill that constitutes a large and unprecedented investment in higher education in the United States. The bill, which is based on one of President Obama’s key objectives, to help more students have access to higher education, introduces far-reaching reforms of the federal student loans systems and could generate savings of as much as $100 billion.
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Basic Facts You Need to Know about the Student Aid and Fiscal Responsibility Act of 2009
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Read the full post (656 words, estimated 2:37 mins reading time) January 3rd, 2010
There are many loans for students available. If you are seeking higher education that I’m sure you probably come across the fact that the cost of attending college is very high. The fact that college is getting more expensive doesn’t mean you have to be excluded from attending. There are a number of loans for students you are able to take advantage of. Not only this, but there are also several ways you can find your education outright without getting into too much student loan debt. In this article I am going to discuss a few of those ways.
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What Loans For Students Are Available To Those Seeking Higher Education?
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Read the full post (534 words, estimated 2:08 mins reading time) December 27th, 2009
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