STUDENT LOANS – DEBT RELIEF
Clinton’s plan for Student Loan Forgiveness would allocate roughly $115 billion dollars to assist students and provide potential benefits to approximately 25 million borrowers. The key points of Mrs. Clinton’s plan are the following:
- Permit borrowers to lower their payments by refinancing at current interest rates.
- Establish a mandatory three month moratorium on all student loan payments in order to consolidate, refinance, or negotiate different repayment plans.
- Expand income base repayment plans to insure that all borrowers going forward never have to pay more than ten percent of their disposable income towards student loans.
- Permit borrowers to refinance both federal student loans as well as private student loans.
Trump’s plan in addressing the student loan crisis has not been formulated as of July 26, 2016. He has indicated that he would like to provide a program to assist students, but has not provided the specifics as to how many people it will help or how to fix the college affordability problem. He did state, “the Federal Government should not be making money off of student loans.”