Student loan reforms reach final stretch
The U.S. Department of Education announced that it has reached the final phase in its transformation of the federal student loan system.
The announcement followed the introduction of the department’s final proposed rules, according to a news article from Forbes. If enacted, student loan borrowers would see changes to disbursement and repayment options. For instance, annual and aggregate borrowing limits will be set at $20,500 and $100,000, respectively, for graduate degrees and $50,000 and $200,000 for professional degrees. However, nursing degrees were omitted from the list of professional degrees, which experts suggested could force prospective students to take out private student loans or dissuade them from joining nursing programs altogether.
Further, many repayment plans will be phased out — including the Income-Contingent Repayment, Pay As You Earn and Saving on a Valuable Education plans — and replaced with a tiered repayment option and the income-driven Repayment Assistance Plan. The experts argued that this could increase the monthly payments among many borrowers who were enrolled in plans that will be ended.
The final step in the U.S. Department of Education’s reform of the federal student loan system involves a period in which the department will review public comments. Borrowers were encouraged to submits their comments prior to March 2.
Read more: Forbes
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