Obama Signs Bill That Makes College Affordable Now

Obama Signs Bill That Makes College Affordable Now

student loans at colleges in los angeles

One of the most difficult things students face in higher learning today is not passing tests or studying hard, but paying for school. A bill signed just last week will help make collegiate dreams a reality for prospective students everywhere.

On Friday, President Obama signed into law the Bipartisan Student Loan Certainty Act.

On July 1, interest rates on new subsidized Stafford loans, the most common type of college financial aid, doubled to 6.8%. The student loan bill reduces that to 3.4% rather than allow interest to remain at such a high rate.

According to estimates from the Congressional Budget Office, the new student loan bill will cut down the amount of total student loan debt in America by $715 million over the next ten years.

Student loan interest rates are also locked into whatever the rate is at the time the loan was taken out. This means that if you receive a loan this year, its interest rate will always be at the current low, no matter what happens to loan rates in the future.

If you have been waiting for the perfect time to begin your college education, now is that time!

nonprofit colleges in los angelesThe student loan bill is great news if you are interested in attending college soon, especially for short programs. Earn your degree from ORT College, where you can graduate in about one year, start a new career fast and repay your student loans quickly.

Additionally, as a non-profit career college, LA ORT keeps tuition low and provides the best value for your investment. Remember, you are investing in yourself, in your future.

The faster you repay loans, the less time interest has to accrue, which can decrease the total amount you have to repay considerably.

The good times won’t last forever, though, as interest rates will go back up again soon. In fact, the Institute for College and Success, an advocacy group, has projected that, by 2017, the interest rates for undergraduate loans will actually be more than before the bill was signed into law.

Take the first step and contact us for information about enrollment, degrees, diplomas and the numerous types of financial assistance available. You can talk to one of our friendly Student Advisors today by calling 323-248-8555.

LA ORT is a group of nonprofit junior colleges in Los Angeles and Van Nuys provide career training in short term courses.