John Strossel of 20/20 fame wrote recently in his newspaper column about a college graduate named Rachele who had a $85,000 student loan while her job paid her $24,000 a year. She was told by her college just to take out the loans and get the degree because when you graduate you're going to be able to get that good job and pay the loans off with no problem. Students have heard a similar message all of their lives that it's college or nothing regardless if they attended a private or public school.
Unfortunately there are millions of Rachele's in this country struggling to make their monthly loan payments. Acknowledging this disaster a new federal program starting this coming fall promises relief and hope for graduates burdened with big federal education debts. Starting July 1, those with federal loans can ask the government to limit their monthly payments to less then 15 percent of their income.
Homer Sweeney
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