the current administration is proposing to combine two existing income-driven repayment plans.
DALLAS (PRWEB) December 05, 2018
Student loans have helped a lot of students that is why National Debt Relief aims to explain it better. The article titled “What Is The Current State Of Student Loan Rates?” released November 30, 2018, helps people understand student loans better and how it affects the economy in general.
The article starts off by explaining how a struggling economy has put students and graduates in a tight spot in terms of student loans. Student loan amounts year on year since late 2000 has been steadily increasing. Even as interest rates have begun to go up, it’s cumulative growth is unparalleled when compared with other types of consumer debt.
The article also shares that several financial experts believe that the continued borrowing and steady rise in tuition rates contribute to an ever-widening default crisis in the making. Over the last decade, student loans have grown at nearly 150%. This is nearly three times the rate of auto loans.
The article explains that when it comes to 90 days+ delinquency rates, student loans lead the pack with 1 in 10 borrowers falling behind. This is a far cry from the mortgage loans with 1% delinquency rate and even auto loans with 4%. Delinquency rates have seen a decline over the past few years with the exception of student loans.
The article points out that the current administration is proposing to combine two existing income-driven repayment plans. These plans are the Pay As You Earn plan (PAYE) and a revised program of a similar name, REPAYE. This was proposed in an effort to make one single plan that would be less confusing for borrowers who have federal student loans.
To read the full article, click https://www.nationaldebtrelief.com/current-state-of-student-loan-rates/