Does President Donald Trump have a plan to make student loans great again?
. Trump proposed an income-based repayment plan that would cap monthly student loan payments at 12.5% of discretionary income and forgive remaining balances after 15 years. While Trump’s proposal raises the monthly payment cap from 10% to 12.5% of income, his proposal would forgive the remaining student loan balance five to 10 years sooner than the current income-driven repayment plans.
Unlike other consumer debt such as credit card and mortgage debt, student loans traditionally cannot be discharged in bankruptcy. There are exceptions, however, namely if certain conditions regarding financial hardship are met. There may be sufficient bipartisan support in Congress to allow borrowers to discharge student loans in bankruptcy.Limit Parent PLUS borrowing
Parent PLUS Loans help parents and grandparents fund undergraduate education for their dependent children or grandchildren. Parent PLUS Loans are federal loans with a relatively high interest rate - about 7% - that can be expensive for borrowers in or near retirement. One potential policy proposal would limit the amount of Parent PLUS Loans that parents and grandparents can borrow to mitigate the risk of financial hardship and potential default.
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