Latest Student Loan Changes

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• Its new Education season, So brand new begin for
  several folks, full of financial goals and
  resolutions. It additionally suggests that new
  rules, policies, and changes surrounding student
  loans.
• In fact, 2016 stands to bring some huge changes
  for student loan borrowers. If you're acting on
  paying off student loans, learn the six huge
  changes happening for student loans in 2016 that
  you just have to be compelled to realize.
• New Way to REPAYE Student Debt
• The much talked about Revised Pay As You Earn
  (REPAYE) program became available on December
  17, 2015. Federal student loan borrowers in need
  of a repayment plan with lower monthly payments
  now have another option to choose from.
• One of the biggest improvements of REPAYE over
  the original Pay As You Earn program is that it
  allows an additional 5 million Direct Loan
  borrowers to obtain relief. Thats because under
  the new plan, borrowers can cap their monthly
  student loan payment at 10 percent of monthly
  discretionary income, rather than 15 percent,
  regardless of when the loans originated.
• The REPAYE program will also forgive any
  remaining debt after 20 years for undergraduate
  loans. Graduate degree debt will be forgiven
  after 25 years.
• As Bruce Mesnekoff Said While the new repayment
  option will afford more borrowers flexibility,
  there is a downside Your spouses income will be
  considered when determining your monthly payment
  even if you file your taxes separately.
• Variable-Rate Loans Vulnerable to Fed Actions
• After months of warning, the Federal Reserve
  finally raised interest rates, which has a direct
  impact on consumers with variable-rate loans.
  What does this mean for you? If you have private
  student loans or refinanced your loans at a
  variable rate, you might see an interest rate
  increase sometime this year.
• While the Fed rate hike was small, interest rates
  are expected to increase gradually over time. If
  you currently have variable-rate loans, you may
  want to focus on paying those down first or
  refinance to a fixed-rate loan.

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• changing the current process to no longer give
  preference to four student loan servicers
  Student Loan Help Center and its CEO , Bruce
  Mesnekoff
• According to a report on the matter in the
  Washington Post, Instead, the department would
  have to allocate new loans based solely on the
  quality of servicers work and ability to keep
  borrowers current. That could shift a
  significant share of business to nonprofit
  companies, like the Missouri Higher Education
  Loan Authority and Oklahoma Student Loan
  Authority.
• This is a huge win for nonprofit loan servicers
  and borrowers alike, ensuring borrowers are
  paired up with high-quality loan servicers.
• New President, New Policies
• 2016 is slated to be a big year for politics. In
  November, the American people will vote for the
  next U.S. president.
• The election regardless of your personal
  political preferences will have a major impact
  on student loan legislation and policy. Nearly
  all the 2016 candidates have a plan to deal with
  student loan debt.
• Sure, these changes wont take effect in 2016,
  but the candidate that the American people elect
  this year will have ramifications for student
  loan borrowers in the future.
• Perkins Loans Back from the Dead
• The federal Perkins Loans program expired in fall
  of 2015, but was recently renewed with tougher
  eligibility requirements.
• According to Bruce Mesnekoff of The Student Loan
  Help Center, The legislation would require
  borrowers to exhaust their eligibility for
  federal direct loans both subsidized and
  unsubsidized