In this country we have a love-hate relationship with college, college costs, and student loans. We value advanced education, dream of a college education for those who desire it; and then become appalled at the impact all that expense and related debt has on students, graduates, and their families.
For many people, student loans are the major funding source for a college education. There was a time when scholarships and personal funding (not by loans or second mortgages on a parent’s home) of college were the only way to make higher education happen. Massive use of a loan system wasn’t an option. Things have changed and that change has brought some major financial challenges, along with the rewards, for those who rely on student loans.
Clearly student loan debt and those monthly payments for a long period of time affect the financial lives of students who have loans. Finding a solution isn’t a quick and easy fix and it is one with huge political and fiscal implications at the legislative level. However, this week President Obama signed an Executive Order* to expand the reach of a program designed to cap monthly payments of most types of student loans to a more manageable level. Please click here to learn more.
If you are considering taking on student loan debt, it is important to understand all the details of what will be expected of you along with the benefits of higher education. Student loans can end up being a long-term commitment and it is your call as to whether or not it is worth it to you.
Until next time.
Debra Hadsall
http://www.ffptalk *Executive Orders (EOs) are legally binding orders given by the President, acting as the head of the Executive Branch, to Federal Administrative Agencies. Executive Orders are generally used to direct federal agencies and officials in their execution of congressionally established laws or policies. However, in many instances they have been used to guide agencies in directions contrary to congressional intent. Source: http://www.thisnation.com/question/040.html.com
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