Student Loan Forgiveness

Good news everyone! Student Loan Forgiveness is here...but not really.

Many banks and businesses have felt the impact of stimulus packages. While businesses and banks are being saved, it seems as it students are being punished for wanting to earn an education as school tuition continues to grow. So why not implement a stimulus package aimed towards students?!

Even though we may not benefit from this bill for our undergraduate years, we can definitely take advantage of Obama's student loan forgiveness plan. According to this plan, a student would only have to pay 15% of their monthly salary for 10 years or until their debt has been paid off, after college if they find a steady job. If the student's salary isn't high enough, then they don't have to pay. "Under the traditional 10-year plan, a borrower who graduated with $25,000 in student loan debt and whose income is $30,000 a year would pay $288 a month at an interest rate of 6.8 percent, according to the the Department of Education's Web site. Now, the student could opt for payments of $172 a month spread over a longer time." The website says that all loans made on "July 1, 2009" and after will feel the effect of the bill. But this doesn't make sense so i checked up other websites and the date of implementation is July 1, 2014, the year we get our bachelors degrees...hopefully!