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Coalition offers alternative to student loan reform - Bills.com News
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Coalition offers alternative to student loan reform
Monday, Jul 13, 2009
The plan, known as the Student Loan Community Proposal, has been developed by a number of agencies, including for-profit, nonprofit and state-based organizations. The plan has been presented as another option in light of the Obama Administration's plan to reform the student debt system.
The plan presented by the coalition would keep private lenders in the mix,whereas the administration's plan would stop loan origination from private companies. The goal of the administration's plan would provide government guarantees for student loans along with saving $90 billion in subsidies paid to banks.
The coalition contends that its plan will provide the same amount,
if not more, in saving to tax payers as the White House's plan. Furthermore, the plan aims to avoid the potential danger of switching the origination system for more than $50 billion of privately-originated loans at around 5,000 schools.
Keeping privately-originated loans would also give parents and
Keeping privately-originated loans would also give parents and
students more options when looking for a way to pay for college.
Along with trying to pay off student loans, a recent report shows that students are graduating with more credit card debt. According to Sallie Mae, the average credit card debt for a graduating college senior was $4,100 in 2008.
Also, make sure to get a free financial health check-up with Bills IQ!
Along with trying to pay off student loans, a recent report shows that students are graduating with more credit card debt. According to Sallie Mae, the average credit card debt for a graduating college senior was $4,100 in 2008.
Also, make sure to get a free financial health check-up with Bills IQ!
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