Student Loan Reforms

May 05

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This week Congress passed reforms to the higher education system. According to the Whitehouse Blog report, these reforms will save taxpayers an estimated $68 billion over the next 10 years. Going forward, the government will handle student loans directly instead of working through banks. In other words, the government is going to eliminate the middleman and pass on the savings!

The money saved will go back into the federal Pell Grant program, hopefully, bridging the gap in rising tuition costs. The reforms will also cap college graduates’ annual student loan repayments at 10% of their income, revitalize community colleges, and increase support for Minority Serving Institutions.

Tips on paying back student loans