Q: Everything I read about the new student loan bill, doesn’t seem to have anything to do with those of us who have already graduated from college. Will the new student loan bill do anything at all to help college graduates?
A: The student loan bill that has aimed at taking banks and other private lenders out of the federal subsidized student loan market, may also decrease the burden for some college graduates when it comes to paying back their student loans. Currently, certain eligible students with low incomes and large student loan balances do not have to pay more than 15 percent of their incomes each month towards their student loans. The new student loan law will lower that number to 10 percent. You can read more about this program at Student Loan Repayment: New Student Loan Reform.
Unfortunately, many college graduates who need help with their student loan payments have private student loan debt. Since private student loans and federal student loans are completely separate (private student loans are not regulated by the federal government), the new student loan bill will not include any help or changes for those dealing with private student loan debt. If you need help with your private student loan debt, please visit our student loan debt help section. You can read more about the new student loan bill at: New Student Loan Bill: What Changes for Students?
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