DeVos is a billionaire businesswoman, philanthropist and former chairwoman of the Michigan Republican Party. She is the daughter-in-law of Richard DeVos, the founder of Amway.

1. 5 Student Loan Questions For
U.S. Education Secretary Betsy
DeVos
DeVos is President-elect Donald Trump’s nominee for U.S. Secretary
of Education and, if confirmed by the U.S. Senate following her
confirmation hearing on Tuesday, will have significant impact on your
student loans over the next four years.

2. 1. What role should private banks
play in student loans compared
with the federal government?
If both the federal government and private lenders originate student
loans, this would mark a return to the pre-2010 era when the federal
government issued student loans and private banks issued federally-
backed student loans. In 2010, the Obama administration began
originating all federal student loans through the Direct Loan program.

3. 2. What is the proper amount of
risk sharing between the federal
government and universities
While universities set tuition rates, the federal government
currently takes all the risk when a student defaults on his or her
federal student loans.

4. 3. What is the future of the Public
Service and Teacher Loan
The federal government offers only new student loan issuance
and does not offer private student loan consolidation or student
loan refinancing.

5. 4. What immediate relief, if
any, do you think should be
available
Today, the standard federal government student loan repayment
period is 10 years. Under the Pay As You Earn (PAYE) and Revised
Pay As You Earn (REPAYE) income-driven repayment plans, you
pay 10% of your discretionary income each month toward your
federal undergraduate student loans for 20 years.

6. 5. What do you think of New
York Governor Andrew
Cuomo’s plan
Earlier this month, Cuomo introduced a plan to provide free tuition
to New York residents whose families earn less than $125,000 per
year to any of New York’s state universities (State University of
New York or SUNY), city colleges (City University of New York or
CUNY) or community colleges.

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