Obama Says Student Loans Cant Wait
USA- Washington DC | Oct 28 2011 | (05:00:39 - EDT)
US President Barack Obama just took two serious steps to make life a lot easier for folks in America with student loans. Effective this January, if you're someone who has different kinds of loans - guaranteed and direct - you'll be able to roll them both into one direct loan and bring down your interest rate. You'll only have to write one check a month, and you'll see a discount. This switch adds no cost to taxpayers across the board.
You might remember that, as part of last year's student loan reform, borrowers' loan payments could be no higher than 10% of their disposable income. This is a big deal - but it wasn't going to help anyone enrolling before 2014. The President announced that he's speeding up this program so it will affect students next year - helping over 1 million students. This will have huge consequences for people struggling to make their student loan payments.
On Monday, October 25, 2011 Obama laid out new rules on federal mortgages to help make sure more families don't lose their homes to foreclosure. The following day, the administration announced two new initiatives to help veterans find work. Today, it means making changes that make student loans a lot easier to manage.
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