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Payments for undergraduate loans are capped at 10% of discretionary income. A proposal to lower the cap to 5% is blocked by a preliminary injunction. Combined undergraduate and graduate loan payments are capped at a weighted average between 5% and 10%. Interest does not accumulate faster than it can it be paid off, so loans never grow.
Consolidation loans combine two or more student and/or parent loans into one loan. They are an option for those who find themselves struggling with multiple student loan payments. Consolidation loans are available for most federal loan types, and some private lenders offer private consolidation loans for private education loans. [10]
The cost of one year at an in-state, four-year college keeps rising each year — surpassing $20,000 during the 2016-2017 school year.
Student loans may be discharged through bankruptcy, but this is difficult. [2] Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3]
The official application for the Department of Education's more affordable income-driven repayment plan for federal student loans opened Tuesday at StudentAid.gov.. The launch of the application ...
On Friday, the Department of Education announced that it will begin discharging student loan debts for borrowers who’ve been in repayment for 20-25 years under a one-time payment adjustment ...