DAVID BAIME: "Everybody in higher education benefits from almost all of this bill."
The new law will reduce the most that borrowers must repay each year from fifteen percent of their income to ten percent. And the longest repayment period will be shortened from twenty-five years. Any remaining debt will be forgiven after twenty years -- or ten if borrowers enter public service.
Supporters in higher education said the final bill did not go far enough. Republican opponents called it an unnecessary government takeover of a private industry. Another criticism was that the financial services industry could lose about thirty thousand jobs.
The Department of Education reported last year that about two-thirds of graduates from four-year colleges had student loan debt. The average was about twenty-three thousand dollars.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25