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U.S. lawmakers, educators and policymakers are working together to find a solution to the large amount of debt students are taking on, as reported by a May 8th, 2012 Reuters news article.
The average American student who seeks an undergraduate degree leaves college with roughly $29,000 in student loans, which over time rise because of interest. With cumulative student debt reaching the $1 trillion mark, it is easy to assume that the topic will be an issue discussed in the upcoming presidential debates.
In an effort to answer this growing problem, President Obama signed a loan forgiveness plan into law. The plan caps the federal loan repayment at 10 percent of the student’s income and allows for some of the loans to be forgiven after 15 years of repayment. On the other hand, Republicans continue to block a bill that would lower tax cuts given to the nation’s wealthiest individuals so that low interest federal loans could continue to be offered to undergraduate and graduate students.
At the law offices of Jayson Lutzky, P.C., we are here to help you. If you are considering bankruptcy, you should contact a qualified attorney. We have helped thousands of clients over the past 29 years. To set up a free initial consultation call us at (800) 660-5299 or visit us on the web at www.BankruptcyNYC.com.