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The Debt Crisis
Recently, President Barack H. Obama announced a new plan for student loans and the severe debt it has placed on students. Obviously, more needs to be done, but it’s a start.
As you can tell, this infographic illustrates the strategies that President Obama has implemented or improved along with thoughts that go beyond the new deal, especially about students.
Conclusion
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Filed under: Financial Planning, Funding Basics | Tagged: Barack H. Obama, college debt, college loans, medical school debt, student debt, student loans |
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Reduced Interest on Student Loans
Members of both parties have introduced bills in the House and Senate that would avoid a scheduled increase in the interest rate on student loans. If there is no action by Congress, the interest on Stafford student loans is scheduled to increase from 3.4% to 6.8% on July 1, 2012.
Leaders of both parties and President Obama have indicated a willingness to pass legislation to avoid that dramatic increase in interest rates. While there is bipartisan support for maintaining the reduced 3.4% rate for one year, there are different opinions on the best methods to pay for the cost. A one year extension of the lower rate is estimated to cost $5.9 billion.
Senate Majority Leader Harry Reid (D-NV) introduced the Stop the Student Interest Rate Hike Act of 2012 (S. 2343). This bill extends the 3.4% rate for one year. It pays for the $5.9 billion cost through a change in the law on Subchapter S corporations.
For Subchapter S corporations with one to three employees who have incomes over $250,000 per year ($200,000 for single persons), they would no longer be able to pass through income directly from the Subchapter S corporation. Rather, the income would be reported personally and owners would pay Social Security and Medicare taxes on that income.
Rep. Judy Biggert (R-IL) introduced in the House the Interest Rate Reduction Act (H.R. 4628). It also extends the 3.4% interest rate for one year, but reduces funds in the Prevention and Public Health Fund to pay the $5.9 billion cost.
It is anticipated both the Senate and the House will vote on bills to extend the 3.4% interest rate within the next few weeks.
Editor’s Note: Your editor and this organization do not take a position on the best method for payment for the bill. The good news for individuals with student loans is that both parties now support the lower interest rate extension. In the negotiation over offsets, the parties are far apart. Given the political differences and the fact that this is an election year, the bill may be passed without any offsets.
Source: Children’s Home Society of Florida Foundation
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IL Podiatrist Sued for Not Paying Back Student Loans
Student loan debt in the United States is rapidly approaching one trillion dollars. Five million Americans are delinquent on their student loans. One of them is David Gunzel, a Carbondale foot doctor. Dr. Gunzel owed up to $363,000 before the federal government sued him to collect on the debt that was insured by the U.S. government.
The records in his case show that the private student loan company sued to collect his debt in 2004. The federal government filed suit 4 years later after taking over the debt. In 2010, a federal judge issued an order garnishing Gunzel’s wages.
Source: Craig Cheatham, KMOV.com [5/14/12]
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How to deal with student loans after death
If a borrower dies with a balance on his or her student loan, it’s important for survivors to know how to proceed.
http://money.msn.com/debt-management/article.aspx?post=9249c093-1a00-40c6-810d-f19398c864de
In many — but not all — cases, the loan will be forgiven.
Grace
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Obama Promises College Loan Relief with Executive Action
Saying that “no young person should be priced out of higher education,” President Barack Obama just signed new executive actions that offer relief to student loan borrowers.
http://www.nbcnews.com/politics/white-house/obama-promises-college-loan-relief-executive-action-n126506
Helen
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More on Loans
Student loan industry clashes with 25 states over investigations
https://www.msn.com/en-us/news/us/student-loan-industry-clashes-with-25-states-over-investigations/ar-AAu08ue
Sasha
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