OBAMA ADMINISTRATION MAKING AN EFFORT TO REGULATE STUDENT LOANS
Options are now available for private and federal student loans
NEW TOOLS HAVE BEEN CREATED FOR FUTURE STUDENTS WHEREAS GREAT PLANS EXIST FOR CURRENT AND FORMER STUDENT LOAN REPAYMENT
Obama’s Fabled Student Loan Forgiveness
The William D. Ford Direct Loan Program (also known as Obama Forgiveness or the Student Loan Forgiveness Programs) enables students to achieve “Forgiveness” or the payment of student loans through government taxes. If a borrower manages to qualify for one of these programs, they can have monthly payments as low as $0 throughout a predetermined amount of time. Even if a borrower doesn’t qualify for $0 payments, their monthly payments will still be much lower than their current standard payment and the end of the program both the leftover loan and interest combined will be forgiven completely.
Read the Trump Student Loans Forgiveness article.
What Else Has The Obama Administration Been Up To?
The U.S. Government and its Department of Education have been working to set some stricter regulations regarding student loans. Just last month, around 09/10/15, there were two hearings held in D.C. and San Francisco that are ultimately the first steps towards a regulations deliberation committee. Hopefully this will create some semblance of well structured lending terms and help to alleviate some of the trepidation that comes from borrowing student loans.
The Obama administration has taken gallant strides towards awareness by showing people the statistics of every school in the United States. Their new website accurately depicts how former students are doing paying off their student loans and in how much time since graduation. This will help to prevent students from signing up for schools that use predatory lending practices to lure students in.
Obama Student Loan Forgiveness Programs
Perhaps the greatest achievement for the education system as of late is the reform of FASFA. Now students will be able to apply for their financial aid on their income based up to two years previous, rather than the current 1 year maximum. This is absolutely great news because now students can get financial aid with great terms that they can actually afford to pay back.
All of this is wonderful for prospective students but what about current and former students? What about the people who don’t know how to navigate the complex world of student loans? These students are missing out on what could be the best thing for their financial lives: Forgiveness.
Some tech startups, like Goodbye Loans, have been working to assist students who’ve had poor experiences with their federal and/or private loans. “We understand exactly how hard it can be to cope with looming debts in the face of a struggling economy, and we’ve taken the time to thoroughly examine the systemic options of optimized repayment and/or loan forgiveness, so that you can take the shortest path to moving forward. This is by no means an intention to slander or defame any colleges in any way. There are enough credible sources that we felt prompted to take action and offer our insights to any student faced with overwhelming debt or institutional injustice.”
Student Loan Forgiveness
What is arguably the national crisis of total student loan debt currently exceeds 1 trillion dollars, according to a report by the Consumer Protection Bureau, and there have been widespread government initiatives to provide the opportunity for partial or total student loan forgiveness, as well as entrepreneurial social movement to provide real expediting services (at affordable prices for all), in the interests of restoring the balance of our economy.
[gravityform id=”1″ name=”Application” title=”false” description=”false” ajax=”true”]
GoodbyeLoans.com is one service that helps students navigate the options and programs offered by the Department of Education, and provides real guidance for pursuing consolidation, reduction, and even total forgiveness of both federal and for-profit student loans.
Because forgiveness applications can be so complex, services like GoodbyeLoans.com provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student loans. GoodbyeLoans.com’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem, offering “no-strings” consultations, affordable pricing, and swift resolution. With more solutions-oriented services like GoodbyeLoans.com entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the student proclaimed “Predatory Lending Practices” of colleges and the forced transparency of such institutions.