According to financial expert Clark Howard, student loans are considered the new ‘debt bubble”. But there is some GOOD NEWS if you have federal student loans…
Under the new Pay As You Earn re-payment program, your monthly payments on federal college loans will be capped at 10% of your income. In addition, your outstanding debt is forgiven after 20 years of on-time payments. This new provision applies to federal student loans taken out after October 2007; it does not apply to private loans.
UPDATE: Under an expansion of the program, students who borrowed before October 2007 will have their federal loans eligible for the same treatment beginning in 2015.
When it comes to avoiding major college debt, financial expert Clark Howard suggests…
-Never borrow more for a 4-year degree than the entry level salary you expect to earn your first year after receiving that degree.
-Consider doing the first 2 years of your studies at a community college, and then transferring those credits to the school from which you want your degree.
http://www.clarkhoward.com/news/clark-howard/education/new-ways-pay-down-your-student-loan-debt/nTpcF/
40 million Americans now have at least one outstanding student loan with an average balance of $29,000 dollars… (Source: Credit bureau Experian) www.cnn.com/
Verne Hill
VERSE: “Let everything that has breath praise the LORD” Psalm 150
QUOTE: “A person who loves his job, will never work a day in his life.”
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verne@wbfj.fm
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