New SAFRA student loan plan saves taxpayers, students money

New alternative to financing college
New alternative to financing college

My daughter starts college in the fall. I don't mind prefacing here that I'm only 38 and it seems like I just finished college myself like, you know, yesterday. So the fact that my wife and I started a family so early has meant that we're behind the curve in terms of saving for college and staring down the barrel of around $20,000 a year in tuition and expenses. Consequently, we're going to have to rely upon some loans in order to augment our ability to pay the giant stack of bills that are, day by day, growing larger.

And while President Obama's plan for student loan reform, the Student Aid and Fiscal Responsibility Act (SAFRA), won't immediately benefit us personally, there's certainly hope for millions of Americans who are desperate for help with the ever- increasing cost of higher education.

Just today, it was announced that the president's student loan legislation would move forward concurrently with forthcoming votes on health care reform slated for the next several (or more) days.