GOP could raise student loan bills to pay for Trump’s tax cuts

[CRAIG NIGRELLI]

AS PRESIDENT DONALD TRUMP LOOKS TO FOLLOW THROUGH WITH HIS CAMPAIGN PROMISE TO EXPAND TAX CUTS PASSED DURING HIS FIRST TERM – REPUBLICAN LAWMAKERS ARE LOOKING FOR WAYS TO MAKE IT HAPPEN… AND THAT COULD IMPACT MILLIONS OF STUDENT LOAN BORROWERS.

AMONG PLANS BEING FLOATED BY HOUSE REPUBLICANS ARE NEW TAXES ON COLLEGE SCHOLARSHIPS… A HIKE IN TAXES ON UNIVERSITY ENDOWMENTS… AND AN END TO STUDENT LOAN REPAYMENT PLANS.

ONE OF THE FIRST REPAYMENT PLANS ON THE CHOPPING BLOCK IS LIKELY FORMER PRESIDENT JOE BIDEN’S SAVING ON VALUABLE EDUCATION – OR SAVE – PLAN.

IT’S THE MOST FORGIVING INCOME-DRIVEN STUDENT LOAN REPAYMENT PROGRAM TO BE ENACTED SINCE CONGRESS CREATED INCOME-DRIVEN REPAYMENT PLANS IN THE 90S TO HELP MAKE PEOPLE’S BILLS MORE AFFORDABLE.

THE PLANS CAP HOW MUCH A PERSON CAN BE MADE TO REPAY ON THEIR STUDENT LOAN EVERY MONTH BASED ON HOW MUCH THEY MAKE… AND CANCEL ANY LEFTOVER DEBT AFTER A CERTAIN AMOUNTS OF TIME – MOST OFTEN 20 TO 25 YEARS.

THE SAVE PLAN – WHICH HAS BEEN TIED UP IN LEGAL CHALLENGES SINCE THE BIDEN ADMINISTRATION PUT IT IN PLACE – WOULD LOWER MONTHLY PAYMENT REQUIREMENTS EVEN MORE AND OFFER DEBT FORGIVENESS FOR THOSE WHO TOOK OUT SMALLER LOANS – OF LESS THAN 12-THOUSAND DOLLARS – FASTER.

G-O-P LAWMAKERS ESTIMATE THE SAVINGS FROM OVERHAULING THE STUDENT REPAYMENT PLAN WOULD BE MORE THAN 127 BILLION DOLLARS OVER 10 YEARS.

THE RECOMMENDATIONS ARE NOT SET IN STONE YET, NOR IS IT CLEAR IF OR WHEN THEY’D ACTUALLY BE IMPLEMENTED.

ACCORDING TO THE INSTITUTE FOR COLLEGE ACCESS AND SUCCESS – THE AVERAGE STUDENT LOAN BORROWER COULD END UP PAYING AROUND 200 DOLLARS MORE A MONTH IF REPUBLICAN PLANS TO RESHAPE THE REPAYMENT PROGRAM ARE IMPLEMENTED.

HOWEVER, THEY SAY THE CHANGES TO THE STUDENT LOAN SYSTEM ARE LIKELY TO ONLY IMPACT NEW BORROWERS.

WE’LL KEEP YOU UPDATES ON WHAT LAWMAKERS DECIDE – TO GET ALERTS DELIVERED RIGHT TO THE PALM OF YOUR HAND REMEMBER TO DOWNLOAD THE STRAIGHT ARROW NEWS APP TODAY.