Investopedia put together what they deemed as 5 Surprise Changes to the Student Loan Program. (Frequent readers of this blog won't be surprised by the reforms helping students and taxpayers.)
Investopedia highlighted these 5 changes to federal student loans:
Investopedia highlighted these 5 changes to federal student loans:
- Elimination of the Middleman
- Larger Pell Grants
- Increased Funding for Minority-Serving Institutions
- Lower Income-Based Payments
- More Forgiveness Opportunities
The Bottom LineLearn more about how reforms to federal student loans help students, families and taxpayers.
While cash-strapped college students (and their parents) will likely welcome anything that helps them manage those hefty tuition payments, many critics say these measures don't go far enough, especially considering several elements don't go into effect for several years. However, when coupled with recent changes to simply the FAFSA (the form students may complete to apply for federal aid) and the expansion of college-related tax credits, the new legislation may at least provide a little bit of a helping hand to families struggling to afford the overwhelming cost of higher education.
