How to avoid student loan debt and what you can do to pay it off
A new federal rule is designed to help people who’ve borrowed money from a student loan company avoid paying it off.
The Consumer Financial Protection Bureau is trying to help borrowers avoid paying student loans they’ve borrowed.
The rule makes it harder for borrowers to borrow from lenders whose rates are higher than those charged by the federal government, including private lenders.
The rule, part of a broader effort to protect consumers, was announced Thursday by U.S. Attorney General Eric Holder.
The new rule, known as “Student Loan Repayment Protection Act,” makes it easier for borrowers who’ve made loan payments but haven’t yet repaid the money.
The bureau says borrowers can avoid paying back student loans by not making payments past 20 percent of their disposable income.
“Student loan debt can pose a financial burden for millions of Americans,” Holder said.
“We are sending a clear message to all borrowers that they can’t continue to borrow to pay off student loans that they’ve taken out and owe money.”
The rule is meant to help millions of borrowers avoid the risk of making excessive payments, according to the bureau.
It doesn’t affect the debtors themselves, but rather affects their financial aid recipients who will be required to pay the balance of the loan.
The bureau estimates that the rule will help the average borrower pay $1,000 in student loan bills.
It estimates that students who’ve used their loans for no more than 10 months out of the past 20 will pay back only $10 to $20.
But the rule is aimed at borrowers who are in their 30s and 40s, who have less income and are in households that earn less than $40,000 a year.
The law would also help borrowers who have taken out loans for children who have not yet graduated from high school.
For example, the rule would allow borrowers to avoid paying the student loan balance for any student who was a minor at the time of the student’s first loan repayment.
The borrower would not be required, however, to repay the debt in full.
The Bureau of Consumer Financial Services estimates that between 10 million and 20 million borrowers would benefit from the rule.
The agency has been working on the rule for years, but it hasn’t finalized it until now.
It’s unclear when the rule’s implementation will start.
It is also unclear when borrowers will be able to file for bankruptcy, but there is no timeline for that.
The U.N. agency is also working on its own version of the rule, which will require borrowers to take out a student debt consolidation loan that would help cover the loan’s principal and interest costs.
The agency is hoping that the consolidation loan will allow borrowers who can’t pay their student loan debts to refinance at a lower rate than they would be able under current law.
The cost of refinancing a student loans would be less than the interest rate paid by lenders.
A loan consolidation loan would not only help borrowers with the burden of student loan payments, but also reduce the amount of interest they have to pay.
The federal government is expected to make $1.2 trillion in payments on its student loan program this year.
Some of the money is due in April.