The Trump Administration released its new priorities to reform higher education—including limits on student loans
According to the latest student loan debt statistics, there is $1.5 trillion of student loan debt and more than 44 million borrowers. Student loan debt is now the second higher consumer debt type, second only to mortgages and higher than both auto debt and credit card debt. By 2023, 40% of student loan borrowers may default on their student loans.Trump's 10-point plan includes various proposals related to higher education.
Lower education costs can mean less student loan borrowing. More financial aid counseling can help borrowers understand the true cost of student loan borrowing, including compound interest, and a borrower's ability to pay off student loan debt successfully.According to the Trump administration, there are too many income-driven repayment plans for federal student loans, which causes confusion for student loan borrowers.
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