Borrowers face the same payments when they get out of college. Social Security contributions, student loan payments are automatically withheld with pay. Student loan is financial aid used to help student gain and have access to higher education. Student loan debt is increasing rapidly since 2006. Student loan debt has rises up to nearly $1.4 trillion about 7.5% GDP. About 43 million non-graduates and graduate students have student loan with an average balance of $30,000. Student loans usually has to be repaid in financial aid such as scholarships
About 20 million American, non-graduate and graduates or 60% borrow for student loan. United States fund their students families through loan, local taxes and both private and public institutions through pell grants, and older schools. President Trump proposed a program, It’ll cut student aid. The Center of American Process proposed changes to student loan program. Trump proposal build on President Obama’s program called Income-Based Repayment. It increased the amount of debt an undergraduate borrowed. Trump proposal would offer undergraduates loan forgiveness after 15 years of Income-based repayments rather than the current 20 year term.
Trump’s proposal can’t be both a cut in student aid. Supporters of more student aid and loan forgiveness from the federal government have come out against Trump’s