Student Loan, Beautiful Bill
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The Trump administration is making significant changes to how it deals with student debt. It has resumed loan collections from past borrowers, and these changes could have a significant impact on weekly paychecks and credit ratings for many people.
President Donald Trump’s massive tax and spending package will set new limits on how much money students can borrow for college and graduate school.
Economic analyses warn that the sweeping changes will impact college students, families and existing borrowers across the country. The typical borrower will see monthly student loan costs spike hundreds of dollars per month, or thousands of dollars per ...
Grad PLUS loans will be eliminated. Graduate students will still be able to borrow federal student loans, but will be capped at $20,500 annually, $100,000 total. Federal student loan borrowers will now have a lifetime limit, considering undergraduate and graduate education, of $257,500 in federal student loans.
The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.