federal student loans News
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WASHINGTON — President Obama seems to have missed in his latest attempt to harpoon Republicans after spending days barnstorming battleground states campaigning against a hike in student loan interest rates.
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As U.S. student loan debt surpasses the $1 trillion mark, it represents a financial time-bomb that will far exceed the misery of the sub-prime housing crisis, destined to become the new sub-prime crisis.
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President Obama announced changes to student loans on Wednesday, that will come into effect in January. However they will only apply to federal, rather than private student loans, and changes to the repayment program will only benefit the poorest.
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