The student loan changes you can expect in 2020
and 2020 presidential campaign rhetoric, there may be major student loan changes in the coming year.
Of course, all, some or none of these proposals could be implemented. Look to Congress as the branch of government to have the biggest impact on the future of your student loans.Should your student loans be forgiven? Sen. Bernie Sanders and Sen. Elizabeth Warren , both 2020 presidential candidates, says yes. A top U.S. Department of Education official evenHowever, U.S. Secretary of Education
and said it would be “crazy.” Her primary issue is: who will pay for student loan forgiveness? DeVos believes that, ultimately, federal taxpayers will foot the bill. Other have asked: what about borrowers who already paid off their student loans?Could college become free? Not exactly.
you would pay only 5% of your discretionary income over $25,000 toward federal student loan payments. After 20 years of student loan repayment, the remainder of your federal student loans would be forgiven. The amount of student loans forgiven also would not be subject to income tax.President Trump proposed to eliminate the Public Service Loan Forgiveness program, and instead he called for a single income-driven repayment plan that would cap monthly student loan payments at 12.5% of discretionary income and forgive federal student loans after 15 years..
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