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The National Defense Education Act
The National Defense Education Act was signed into law and this provided the first form of student loans in the United States. Admittingly, they were only for certain majors such as engineering. ©http://morguefile.com/jdurham -
Student Loans are expanded
Under the Higher Education Act of 1965 more student loans were made available along with other improvements. Notably, colleges recieved more funding as well. ©http://morguefile.com/whiterussian -
Reauthorization of the Higher Education Act
Gaining Early Awareness and Readiness for Undergraduate Programs was implemented when the Higher Education act was reauthorized. This was designed to inform low-income students and provide them with scholarships so they could attend college. Another change was that students with drug charges were no longer eligible. ©http://morguefile.com/pjotrek -
The Bankruptcy Abuse Prevention and Consumer Protection Act is implemented
The Bankruptcy Abuse Prevention and Consumer Protection Act had one very meaningufl impact on student loans. Simply put, under most circumstances students loans are not discharged should the user declare bankruptcy. ©http://morguefile.com/veggiegretz -
Reauthorization of 2008
This act made a few changes to student loans. First a disabled individual could apply for a loan discharge based on a "no gainful activity" text. Earlier, they needed no income. Loan repayment was also capped at 15% of the user's discretionary income. ©http://morguefile.com/quicksandala -
Student loan debt surpassed credit card debt
Simply put, the debts were $830 billion as opposed to $826.5 billion. ©http://morguefile.com/DodgertonSkillhause -
Student loan debt is $1.2 trillion
According to Forbes the student loan debt was $1.2 trillion. At the time, that was 6% of the national debt. ©http://morguefile.com/kolobsek
