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President Obama's Student Loan Repayment Changes

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    President Obama just signed a 'Student Loan Bill of Rights' that is meant to ensure that student borrowers fully understand the terms of their loans and the requirements that come with them. The President told a large group of students at Georgetown University that “[w]e're going to require that the businesses that service your loans provide clear information about how much you owe, what your options are for repaying it, and if you're falling behind, help you get back in good standing with reasonable fees on a reasonable timeline.”

    The 'Student Loan Bill of Rights' include making sure:
    1) Every student deserves access to a quality, affordable education at a college that’s cutting costs and increasing learning.
    2) Every student should be able to access the resources needed to pay for college.
    3) Every borrower has the right to an affordable repayment plan.
    4) Every borrower has the right to quality customer service, reliable information, and fair treatment, even if they struggle to repay their loans.

    Do you think this will help students who are struggling to pay off their debts or will this policy be better for future students in making sure it is much easier for them to understand what they are signing up for when they 'sign on the dotted line?'
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    I saw him speak on this today and agree that student borrowers need this 'Bill of Rights.' I need to read up on it more before I can have an opinion if it will help current students, but I do feel that this will definitely help future college students to fully understand what they are getting themselves into when they take out student loans.
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    Took a quick look. While I think that some underlying issues still need major reform, some of these changes will certainly help millions of students. Even something as simple as them streamlining the FAFSA application can help a lot. If you have ever been through the process of filing your FAFSA paperwork and then having to go to all the several college financial departments to sure up all your necessary paperwork is filed correctly, that process alone can be one of the worst aspects of the college experience. It can be an incredibly stressful and intimidating process, just to become an enrolled student, even before a single class begins.
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    J.K.Logic Wrote: Took a quick look. While I think that some underlying issues still need major reform, some of these changes will certainly help millions of students. Even something as simple as them streamlining the FAFSA application can help a lot. If you have ever been through the process of filing your FAFSA paperwork and then having to go to all the several college financial departments to sure up all your necessary paperwork is filed correctly, that process alone can be one of the worst aspects of the college experience. It can be an incredibly stressful and intimidating process, just to become an enrolled student, even before a single class begins.
    I agree that this is a good first step, but I also believe there's a lot more work to be done if we want to stem the tide of defaults.

    Streamlining the FAFSA would be phenomenal. We have been talking about doing this since 2010, but have been woefully slow in making this a reality. I used to work as a college admissions counselor and I can personally attest how complicated and frustrating it is to complete that document.