Student loans have always been an issue in the U.S. and finally, on April 1, the Department of Education sent out their latest reports on this matter. Their report showed some promising repayment schemes to help students who are struggling to be debt-free from their student loans.
The Department of Education announced on their website their update for this quarter's student loan status on students who still haven't fully paid their bills. This report also includes a student's loan delinquency level and some new repayment plans that would help them manage their debts. The government said that this move would help reduce the rate of students who are unable to pay their student loans on time.
What if you can't afford your student loans? First, breathe. Then check out your options: https://t.co/xiQrOUdxYj pic.twitter.com/1PdFxdqFQ5
— US Dept of Education (@usedgov) April 3, 2016
The Department of Education also revealed that $357 billion is now in for the Federal Family Education Loan program. They are releasing this data to maintain transparency to the people and to also create awareness in the country regarding the brevity of student loans and its effect on citizens.
"Today's analysis suggests that the Administration's efforts to help struggling borrowers having a positive impact," said U.S. Secretary of Education John B. King Jr. He assured that his department would continue to release data and would make it available for public viewing in order to maintain the trust they want from the people.
King even quoted President Obama when he said that the government must always be transparent. He believes that what they are doing would encourage accountability and would give information to people on what exactly the government is up to.
This kind of report started back in 2009 according to StudentAid.gov. King was also glad to report that for the past seven years, the government has done a lot of things to ease the worry of students when it comes to their loans. He promises affordable education as soon as possible and wouldn't want students to drown in debt. Do you think this is going to be feasible?
