“Debtors won’t enter repayment until the rules are finalized and that will take place in the September/October timeframe, right in time for the election,” McCuan says. The new plan will appeal to what McCuan calls the Rising American Electorate (RAE), principally those ages 18 to 34, who are changing the political landscape. “This group has more women than men, is more liberal than not and is more urban than not—but affordability, costs and concerns about their pocketbooks percolate this demographic and this electorate.” Who is eligible? The new proposal limits eligibility only to those who have already begun to repay their loans and only under the following circumstances: 1. Borrowers who owe more than they did at the start of repayment. 2. Borrowers who first entered repayment many years ago—on or before July 1, 2005, for undergraduate loans, and on or before July 1, 2000, for those with at least one graduate loan and undergraduate loans. 3. Borrowers who are otherwise eligible for loan forgiveness but have not yet applied, explained as someone who has not enrolled in an income-driven repayment (IDR) plan but would be eligible for relief. 4. Borrowers who enrolled in low-financial-value programs, meaning they attended an institution that failed to provide sufficient financial value or one that failed Department of
Robert Eyler, economics professor at Sonoma State, believes student-debt relief should be tied to completion of the coursework.
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