White House proposes capping student loans and cutting repayment options—what that means for students via CNBCMakeIt
On Monday, the Trump administration released several proposed changes to the Higher Education Act, which is in the early stages of reauthorization by Congress.
The Trump administration's proposal suggests consolidating repayment options so that the government would offer just two plans: one standard 10-year fixed plan and one income-driven repayment plan. The latter would limit monthly payments to 12.5 percent of a borrower's discretionary income and offer loan forgiveness after 15 years.
"The problem is we have five or six plans and people don't know the difference, and they all have different provisions," says Baum."Another problem is that there are bureaucratic barriers to enrolling in these plans and to staying in them, because you have to verify your income every year."
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