New Federal Law Helps Students with College LoansA new federal law might make paying back student loans easier for college students, and will strengthen assistance for higher education.
By: Brady Mallory, WDAZ
A new federal law might make paying back student loans easier for college students, and will strengthen assistance for higher education. The Student aid and Fiscal responsibility act was approved by congress earlier this year. The plan will lower interest rates on subsidized loans for undergraduates across the country. The law will also make paying back the loans easier because they will be income based. For students who are taking lower-income jobs this could make all the difference.
"I'm going into a field where my first few years I'm only making 15 to 16 grand a year. That could be different than someone who is making 30 grand a year. It'd be a lot easier for them to pay back the loans as opposed to someone like me," said University of North Dakota Student Brian McManus.
In North Dakota a reported 70 percent of college graduates have an average of almost $21,000 in debt.