President Trump is making good on a campaign promise for student loan reform in his upcoming budget proposal, which will include a change to Pell Grants and loan forgiveness.
Axios reported on Sunday that the budget would include a campaign promise on student loan forgiveness. Currently, students have their loans forgiven after paying 10 percent of their income for 20 years. Trump’s change would increase the minimum payment to 12.5 percent but lessen the time to just 15 years.
Also in his budget is a change to Pell Grants. Currently, it allows low-income students to use money to attend school for two semesters annually. Trump’s reform would expand it to three, so they can attend courses all year long and graduate early.
Trump’s plan to allow students to graduate from college earlier and be forgiven of student debt at a faster pace will substantially benefit millennials and Gen-Z.
School choice is also a major piece of Trump’s planned reforms with a 13.6 percent cut at the Department of Education to be redirected to new school-choice initiatives, reported Business Insider.