8 Top Points From The Hillary Clinton Student Loan Plan

Hillary Clinton has offered a student loan plan intended to help alleviate student loan debt in this country.

Here are some of Clinton’s top proposals:

1. Refinance Student Loans

Clinton wants to enable 25 million borrowers to refinance their federal student loans to obtain today’s low interest rates and save on monthly student loan repayment. This is a great option for student loan borrowers with strong credit and income. Most private student loan lenders will refinance and consolidate both federal student loans and private student loans.

2. Moratorium On Student Loan Repayment

One central point of Clinton’s student loan plan is to offer a three-month moratorium on student loan payments for all federal student loan borrowers. According to Clinton, student loan borrowers would be able to “consolidate their loans, sign up quickly and easily for income-based repayment plans, and take direct advantage of opportunities to reduce monthly interest payments and fees.”

3. Enroll In Income-Based Repayment Plans

Clinton wants to move more student loan borrowers to income-based repayment plans. There are multiple types of student loan repayment and our Student Loan Repayment Guide walks you through all of them.

4. 10 Percent Income Limit: Student Loan Repayment

Clinton believes that a student loan borrower should not have to pay more than 10 percent of their income toward their monthly student loan repayment.

5. Term Limit: 20 Years

Clinton believes that student loan borrowers should not have their student loans outstanding for more than 20 years. For those who work in the public sector, student loan forgiveness would occur within 10 years.

6. Student Loan Repayment Benefits

Clinton wants to encourage companies to participate in the student loan repayment plans and student loan debt elimination in this country. Clinton believes that employers who help their employees pay off their student loan debt – which today total about 3 percent of all employers – should receive a tax deduction.

7. Entrepreneurship Student Loan Program

Clinton wants to encourage more entrepreneurship in this country, particularly to help boost the number of small businesses. Clinton would provide entrepreneurs with three years of loan deferment so they can focus on building their business. Social entrepreneurs in low income communities could qualify for up to $17,500 in student loan forgiveness.

8. Student Loan Forgiveness

Teachers and AmeriCorp participants should qualify for student loan forgiveness. AmeriCorp volunteers who complete two years of national service and one year in public service can qualify for student loan forgiveness. This proposal is more generous than the existing student loan forgiveness programs, namely the Public Service Loan Forgiveness Program and the Teacher Loan Forgiveness Program.


Best Student Loan Refinancing For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.25% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes
2.56% - 7.40%
Good or Excellent

Overview

Variable Rates:2.56% - 7.40%
Fixed Rates:3.25% - 7.13%
Average Savings:$15,767
Minimum Credit Score:Good or Excellent
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.58% - 7.96%
Fixed Rates:3.15% - 8.12%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.69% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 3.95%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.75% - 7.25%
Fixed Rates:3.25% - 7.75%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$75,000
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5 - 15
Borrower Residency:All states
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 5.90%
Fixed Rates:3.37% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:3.48% - 7.26%
Fixed Rates:3.50% - 7.28%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

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