When the Health Care reform legislation passed, many may not have noticed that student loan reform had been added to the bill, and this is a major change that will benefit all college students around the nation!
The reform ends private lenders being involved in student loans, and therefore saves students the extra costs inherent in such loans.
It doubles Pell Grants funding, which enables more students to afford a college education.
It caps a graduate’s annual student loan repayments to ten percent of that person’s annual income, with it having been often much higher up to now.
It will aid an additional five million Americans to earn college degrees and certificates over the next decade, and particularly will revitalize the nation’s community colleges.
This was a key campaign pledge by President Obama, and it is a major victory for the promotion of more education, which will be essential for the long term economic growth and prosperity of the United States! 🙂