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Released: October 28, 2011
Curing the Gen Y student loan hangover
Source: Dominic Basulto, Washington Post (Free Registration)
President Obama’s new student loan relief plan, which offers a mix of loan consolidation, lower interest rates and income-based repayment options, is an important first step in fixing the nation’s student loan problem. The total student loan debt load in the U.S. recently passed the $1 trillion mark and now exceeds the total amount of credit card debt in the country. As student loan default rates continue to rise throughout the recession, it’s perhaps not surprising that the Obama administration felt compelled to act sooner rather than later to speed up the income-based repayment (IBR) plan, which was originally scheduled for 2014.Read Full Article: Curing the Gen Y student loan hangover
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