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Local college reacts to President Obama's Student Loan Forgivene - KTBS.com - Shreveport, LA News, Weather and Sports

Local college reacts to President Obama's Student Loan Forgiveness

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CADDO PARISH, La. (KTBS) - President Obama announced the pay as you go program today aimed at giving those with a hefty load of student loan debt some relief.The President will expand the criteria for an alternative re-payment program. 

One local university is getting it's students ready for the changes.

Katraya Williams, Financial Aid Adviser with Southern University Shreveport says President Obama's new plan is good news to those forced to pay back a mountain load of student loans.

"I am always eager to hear the different information and plans that the federal government allows or affords for our students it,Is good to know that the Department of Education and the Federal government cares about the students. This way the parents the students community everyone benefits," said Williams.

The changes would allow an additional five million borrowers to qualify. And assist those struggling with student loans. They include forgiveness programs for on-time payments and public-sector employees. As well as capping monthly payments for certain federal student loans.

"One of the benefits is only 10 percent,even if the students have already met the requirements after they approve of the plan, they still can pay the reduced amount even if they earn more income," said Williams.

The Department of Education says one in ten students default on their loans within a year. The President's goal is to make the plan available by December 2015.
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