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Durbin launches online college loan calculator to support bill
U.S. Sen. Dick Durbin has launched an online student loan calculator allowing students and parents to determine savings they would get if the Durbin-Miller Reverse the Raid on Student Aid Act 2006 becomes law, according to information released by Durbin's office.
Durbin, D-Springfield, and George Miller, D-California, co-sponsored the bill, which calls for cutting interest rates in half on college loans for student borrowers with the most financial need and for most parent borrowers.
"Unless we act now, on July 1, the price of a college education will increase dramatically for students across the country," Durbin said in a issued statement. "New interest rates on student loans could make the price of higher education unaffordable and cost students the opportunity to get a college education.
More student loan calculator info
Student loans to be simplified
The company that dishes out millions of pounds in loans to students each year is ditching the mountains of paperwork, streamlining the convoluted application process and reducing the confusion over repayments that have plagued many graduates over the past 15 years.
Instead, the Student Loans Company's revamped system will give new students quotes showing how much they can borrow and accept online applications.
Graduates will also be able to work out how much they need to repay at any time using an online calculator.
The moves should help students and graduates to get a better grip on their finances.
Problems have arisen in the past from initial loan applications, which have to go through the local council before being passed to the SLC.
Another common complaint from students is that they are often left without funding for weeks when payments are delayed.