Student loan debt and the rise of for-profit Universities

The national conversation around student loan debts reached a peak last week as Obama signed an executive order capping student loan repayments at ten percent of one’s income. Additionally, the Senate voted against Senator Elizabeth Warren’s student loan bill, the Bank on Students Emergency Loan Refinancing Act, which proposed allowing people to refinance their college loans to a rate of 3.86 percent.  Although the Obama administration supported this bill, stating that it would help an estimated 25 million people save up to $2,000 each on their student loans, this bill’s proposal to raise taxes in order to cover the $51 billion cost may have lost some support because of the timing during an election year. The proposed tax would have imposed a 30 percent tax minimum for those with an income upward of $1 million. …

Full Story @ http://sjs.li/1iQHzVE
#HigherEducation, #McSilver, #StudentLoans

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