The Department of Education has released a final rule that aims to lower the cost of college and make student loan repayment easier.
The department will implement loan limits and other “common-sense” measures for financing higher education and protecting families and taxpayers within two months, Education Undersecretary Nicholas Kent said Thursday.
The new regulations, which the department will publish on May 1, eliminate the Grad PLUS program, which allowed unlimited borrowing amounts for advanced degrees.
Additionally, colleges and universities can establish their own loan caps based on the income potential of academic majors. This prevents students from over-borrowing in programs with lower earnings or higher default rates, according to the Department of Education….
Education Department Finalizes Landmark Rule to Lower Cost of College
