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Obama announces efforts to create more student loan relief

There are many people in the Tampa area and elsewhere who use student loans in order to get through college. Although getting a degree can be very useful in life, the cost of studying at a university can be very high. Unfortunately, finding a good-paying job after graduation can also be difficult. That means that many people who earn their degrees have a very difficult time paying off their student loans on time and this can lead to long-term financial problems.

There is some good news from the Obama Administration for many who are struggling with student loan debt. In order to help ease the burden of the millions of people who owe significant student loan debt, President Obama recently signed a bill that will allow individuals to pay no more than 10 percent of their monthly income to their student loan payments.

This latest move should help recent college graduates spend or invest their money on something other than just their debt. However, the changes aren’t expected to take affect until at least December of 2015. Meantime, the President is reportedly also in favor of proposed legislation that would allow borrowers to refinance their private and public loans at lower interest rates.

Hopefully, this latest measure to help ease the burden of student loan debt will be effective in assisting those who are having a difficult time keeping up with their loans. If you are way behind in your student loan payments or any other kind of debt, then Chapter 7 Bankruptcy is always an option. However, bankruptcy can affect a person for many years. Therefore seeking the advice of an experienced bankruptcy lawyer is usually a good idea before you proceed.

Source: The Washington Post, “Obama extends caps on student-loan payments to 5 million people,” Katie Zezima, June 9, 2014.

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