Educational debt has received a lot of national attention lately. It is heartening to see that increasing public awareness can be an impetus for further reform.
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These bills would restore the right to relief through bankruptcy on private loans.
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The plan would cap monthly loan repayments at 10 percent of monthly income.
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Education Secretary Arne Duncan, reacting to anger over rising college costs, urged higher education officials to “think more creatively” about ways to contain costs and reduce student debt.
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Types of repayment plans (info courtesy of the Department of State and FinAid) Standard repayment: Pay fixed monthly bills for a term up to 10 years. “The standard plan is good for you if you can handle higher monthly payments because you’ll repay your loans more quickly,” the Department of Education writes. This keeps interest from accruing too high. Extended repayment: Similar to standard …
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