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Trump to Focus on Student Debt Reform

Having a college degree is a practical necessity to be able to get a job in a professional setting and achieve financial success. Unfortunately, getting a college degree now costs most people well over $50,000 to go to a public school and far more to go to a top private school. Since many families cannot afford the high cost of school, many students end up graduating with a lot of student loan debt, which at times is unaffordable.

 

The current student loan crisis is becoming more significant every year as more and more students fall behind on debt. According to a recent news article (http://www.usatoday.com/story/news/college/2016/11/17/money-101-heres-everything-we-know-trumps-student-debt-plans/94017770/), Donald Trump is working on a plan that would help to alleviate the concern and allow those in debt to receive some relief.

 

While the plan is far from being formalized, Trump has given some indication about how he could tackle the issue. One of the suggestions offered so far will make students only pay their loans for a limited period of time. In this situation, student loans would be due for the first 15 years of the term and then be eliminated and waived entirely after the 15th year, if all payments were made on time leading up to it.

 

Another option that is being considered is providing more relief based on need. Today, there are very few ways to reduce your loans, even if you are in financial duress. The plan will take more of a look at each debtors needs to determine a reduction.

 

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