President Obama signed an executive order to reduce student loan payments to make them easier to repay.
Under the new plan, which will to go into effect during 2014, students would be required to repay their loans at a rate of 10 percent of their income instead of the current 15 percent.
Their debt would also be forgiven after 20 years instead of 25 years.
It is a good idea for students to apply for loans to help them support themselves and possibly their family while attending college. It is very difficult to focus on school and still try and make ends meet. A loan would help.
Unfortunately, with the budget cuts in California, tuition has gone up 21 percent at four-year universities and public college’s, according to the annual study on college costs report.
With the ‘Occupy’ movement spreading across America people are speaking out, a lot of information is being exchanged.
The question is, with the economy so bad is it wise to add to your own financial burden to get a degree when there is difficulty-finding employment even with a master’s degree?
It is good to go to school and learn as much as you can and take the opportunity while you can. If you have a passion for a particular field of study, then follow your passion. If you are just going to school because you have nothing better to do, then I suggest you weigh you options and don’t take on unnecessary debt.
Starting out with a lot of debt after going to school will place a burden on you and make it financially difficult to get ahead.