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May 12, 2015

REPAYE “targets benefits”

The negotiated rulemaking committe reached agreement on a new repayment option, called REPAYE, expected to become available at the end of 2015.  I'll be writing lots more about this, but for now I'll start by just listing the provisions I consider pluses and minuses for student loan borrowers. Just can't wait to learn more?  Read the proposal here but bear in mind that the next step is for the Department of Education to publish the language that was agreed upon (it's not quite the same), likely…

By Heather  |  Category:  REPAYE, Student Loan Policy, Student Loan Repayment  

March 9, 2015

Who Will Benefit from the Expansion of Pay As You Earn (PAYE)?

Negotiated rulemaking, affectionately referred to as Neg Reg, is underway!  Committee members met to discuss a proposed agenda, and the Department of Education will release the committee’s final agenda before they reconvene on March 31st. Over three months the negotiators will discuss, among other things, how to implement the President’s directive to expand Pay As You Earn to five million additional borrowers by the end of this calendar year. The Department of Education has proposed creating a new plan, PAYE2, for Direct Loan borrowers…

February 20, 2015

Lawyers Representing Student Loan Borrowers

I am delighted to provide free general information for student loan borrowers and the people who love them, but as an attorney, I must be very careful not to inadvertently establish a client-lawyer relationship with folks I don't represent.  I am licensed to practice in the state of North Carolina only and lawyers are specifically prohibited from practicing in states in which we are not licensed.  Also, lawyers can establish a client-lawyer relationship even without agreeing to do so.  That's why I…

February 18, 2015

How Student Loans Affect Your Credit

Your credit report is a history of accounts that includes information about how you pay your bills.  It's smart to download your credit report free from annualcreditreport.com. Creditors, insurers, employers, and other businesses use your credit report to evaluate lots of things that mater (like your applications for credit, housing, and employment).   Your credit score is a three-digit number intended to predict whether you will pay your bills over the next couple of years.  A high credit score helps you get access…

By Heather  |  Category:  Student Debt, Student Loan Repayment  

February 9, 2015

Administration Suggests Changes to PAYE and PSLF in Budget Proposal

Each year, the executive branch submits a budget PROPOSAL to the legislative branch.  The administration's budget serves as a starting point for negotiations in congressional committees.  To me, there is no world in which this congress passes this president's proposal precisely as it has been submitted.  More on the bizarre budget process from the Center on Budget and Policy Priorities and from the Washington Post. In my view, the substance of the budget proposal is important for two reasons:  first, it…

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