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College Education Just Got Cheaper
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Yes, the headline rings true. Relief is finally here. President Bush passed the College Cost Reduction and Access Act of 2007, signing it in September of this year. This bill will provide $20 billion in higher education benefits. It will provide easier repayment terms, lower rates on many loans and loan forgiveness. College education just got cheaper, and its about time. If you work in a public service position after graduating from college and make 120 monthly payments, the balance of the loan will be forgiven. The repayment date starts on October 1, 2007. The college loan rates will gradually be cut on an annual basis and in 2011 they will be as low as 3.4%. And, the kicker for cheaper education is the cap on loans starting July 1, 2009. This is a new income based repayment program that will cap the amount on federal loans at 15% of discretionary income. College education just got cheaper, so breath a little easier and save some money.
About this poster:
Posted by:
Cheremac
(female, mid-40s)
(Posted 12/1/07)
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