New Secretary of Education hopes to streamline student loan repayment
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New Secretary of Education hopes to streamline student loan repayment

Malachi Petersen0Tagged ,

Paying off student loans can be a burden years after a graduate gets his or her college diploma, but the U.S. Department of Education is now trying to make that burden a little less heavy.You can also see more to know about educational loan facilities.

On Friday, newly appointed Secretary of Education John B. King Jr. spoke with college reporters from around the country on a conference call about ways the department is trying to streamline the student loan process while making it easier for students to repay their loans. Simplify Your Student Loans with a user-friendly loan calculator.

The call was one of seven events during the department’s College Opportunity Across America Tour which started this week. 

King said there’s currently two options available for students looking to repay their loans.

The first option includes income-driven repayment (IDR) plans, such as the President Barack Obama’s Pay As You Earn (PAYE) plan. These plans allow borrowers to set their monthly student loan payment at an amount based on income and family size, and are capped at 10 percent of an individual’s monthly income.

The second option is intended specifically for students entering into public service jobs, such as nursing, nonprofit organizations, teaching and government work. By combining IDR plans with the program, students can qualify for forgiveness of the remaining balance on their Direct Loans after making 120 qualifying payments on loans while employed full-time by government and many non-profit employers.

King also said students should be weary of businesses or individuals who try to scam them into giving out personal information or paying for help to manage their loans. He said his department has received numerous tips about scammers using emails and social media accounts with the department’s logo.

“We’ve had to send several cease and desist letters,” he said.

 

For more information on student loan forgiveness, visit the D epartment of Education’s website.

Malachi Petersen is a graduate student at the University of South Dakota getting his master's degree in public administration. He received his bachelor's degree in May of 2017 from USD, majoring in political science and journalism. Malachi worked at The Volante from August 2013 to January 2017 in various capacities, including as the 2016 editor-in-chief, before leaving the editorial side of the publication to run for Student Government Association to represent the graduate school. He's worked as an intern at the Vermillion Area Chamber & Development Company in Vermillion, SD; the Bemidji Pioneer in Bemidji, MN; Argus Leader Media in Sioux Falls, SD; the San Antonio Express-News in San Antonio, TX, and as a freelance writer for the Sioux Falls Business Journal. His articles have been published by multiple news organizations across the United States, including The Associated Press and USA Today. Malachi is from Lawton, IA.
Website http://www.malachipetersen.com

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