Economy

Trump Budget Seeks Cuts to Student Loan Programs

Trump Budget Seeks Cuts to Student Loan Programs

Michigan Senators Gary Peters and Debbie Stabenow joined their colleagues in introducing the Bank on Students Emergency Loan Refinancing Act, which would allow those with outstanding student loan debt to refinance at the lower interest rates offered to new federal borrowers in the 2016-2017 school year.

Any final education budget will ultimately have to be approved by Congress, which, as we've learned in the past, could take up the whole thing or ignore it completely. However, the agency found that 40% of these borrowers went into default again within three years.

Following the annual Treasury Department 10-year note auction that occurred May 10, interest rates for federal student loans are set to increase July 1 for the 2017-2018 school year. Student loan companies are responsible for informing borrowers about affordable repayment options that can help them stay on track. For years, defaults have mounted despite the improving USA economy and the money invested in collecting education debt.

"Too many struggling borrowers fall through the cracks in a broken, outdated student loan system", CFPB Director Richard Cordray said.

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In late April, NPR reported that 20 state attorneys general offices, the District of Columbia, and a coalition of labor and community groups expressed their dissent towards DeVos concerning the withdrawn protections for borrowers.

Officials at the CFPB say the government should reexamine whether the loan program, and the lucrative contracts it bestows on private firms, is working for the millions of Americans struggling to repay their taxpayer-backed student debt.

Ironically, Navient was sued back in January by the federal Consumer Financial Protection Bureau (CFPB) for illegally cheating borrowers "out of their rights and their money - as much as $4 billion - through patterns of deception and misapplying payments", according to NPR. The government values the latest round at $2.8 billion. Borrowers can expect to see a more user-friendly loan servicing interface, shorter email and call response times and an improved payment application method that will maximize the benefit of each payment the borrower makes.

Default rehabilitation programs require borrowers to make nine on-time payments within 10 months.

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Each representative on the phone is certified through the International Association of Professional Debt Arbitrators (IAPDA) and has received the Certified Student Loan Professional certification through Americans for Student Loan Relief (AFSLR). That's the thrust of a report that MagnifyMoney asked me to write about this week.

The median borrower in the program has more than $60,000 in student debt and nearly 30 percent of them have more than $100,000 in debt, according to a Brookings report. In court documents, attorneys for the Department of Education suggested that borrowers may not be able to rely on prior notices from their loan servicers about whether they qualify. The Education Department, which rewards its loan servicers with more business if the loans they service remain in good standing, excludes rehabilitated loans when grading its servicers' performance.

Student loans may feel like a large boulder you have to carry around, weighing you down until you pay them off, but they don't need to affect you this way.

Education Secretary Betsy DeVos said earlier this year that it was up to the Education Department to "do a better job" than the previous administration when it came to reining in debt collectors. (NNI.N), Great Lakes Educational Loan Services, Inc, and FedLoan Servicing, also called PHEAA.

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The US navy had launched 59 Tomahawk cruise missiles on a Syrian airfield after an alleged chemical weapons attack. The Trump administration should have proceeded with the actions it was planning to take against China .

"Cutting from critical education programs is penny wise and pound foolish", said Zakiya Smith, who leads finance and federal policy strategies for Lumina Foundation, an education nonprofit.


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