5 Ways to Tackle the Student Debt Crisis
"Reacting to the national concern about the student debt crisis, the National Association of Student Financial Aid Administrators has released a report that recommends numerous ways to fix the system," CBS's MoneyWatch reports. "While the NASFAA report notes that the average student borrower leaves college with a manageable $26,500 in debt, borrowing has increased and families are shouldering a greater portion of college costs. (It should be noted that the $26,500 figure doesn't include what parents borrow.) … Here are five of the organization's most notable recommendations: 1. Make the income-based repayment program automatic. For students who are eligible, the federal government should make the Income-Based Repayment program automatic. Under this program borrowers would pay no more than 5 percent of their discretionary income and automatically receive loan forgiveness after 25 years.
NASFAA's "Financial Aid in the News" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.