Student loan reform in the United States is a hotly debated topic because any changes to the multi-trillion dollar market will have a significant impact on all stakeholders. Much of the argument is focused on the ballooning cost of higher education, both for students themselves and the federal government.
The latest debate revolves around federal government funding for student education, specifically the costs to the federal government of income driven repayment plans for student loans.
Income driven repayment plans have become increasingly popular among students and families due to their favorable repayment options. Repayment obligations vary according to monthly income and loans are forgiven after around 20 years, positively contributing towards the affordability of higher education. The number of borrowers...
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