House Republicans released a bill named PROSPER Act. This bill proposes big changes to the financing of higher education, also including the elimination of student loan forgiveness programs.
What is the PROSPER Act?
The Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act is what it stands for. The use of this bill is:
- To simplify the application for FAFSA
- Get rid of the Federal Perkins Loan Program
- Cancel available repayment plans
- Changes to the amount students and parents can borrow with loans
- Increase in funding for community colleges and apprenticeships
The PROSPER Act has had a lot of positive comments mainly benefiting for-profit schools. It increases the heavy burden of student loan debt and puts problems against student as well as taxpayers.
How student loan forgiveness could change
For people who’ve already borrowed money for college, The biggest problem you could face is loan forgiveness. Under plans like the income-driven repayment (IDR), loans can be forgiven after 20 to 25 years of payments. With this new plan, your interest would be capped after 10 years of monthly payments, but you can never have loan forgiveness.
Also they have plans to take away the Public Service Loan Forgiveness (PSLF) Program, which allows borrowers working at public or nonprofit agency, to have their loans forgiven after 10 years of regular payments.
Will these changes affect you?
If you are currently looking for loan forgiveness, than this could simplify it by one. This changes will go into play for borrowers after june 2018. If you are already on a forgiveness plan no need to worry. In addition to this, the PSLF program will be no longer. Yous should be sure to keep track of this bill as it moves through congress.
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