DIFFERENCE AND DRIVE CHANGE.

>>> BORROWERS WERE SOON HAVE TO REPAY THEIR FEDERAL STUDENT LOANS AFTER A TUMULTUOUS COUPLE OF YEARS.

THE REPAYMENT PARTS WILL -- THE FORGIVENESS PROGRAM AND THEN THE SUPREME COURT DECISION NEGATING IT , NOW THE ADMINISTRATION IS BACK WITH A NEW STUDENT LOAN REPAYMENT PLAN CALLING SAVING ON A VALUABLE EDUCATION AND IT WANTS TO SHRINK PAYMENTS BASED ON INCOME AND ACCELERATED FORGIVENESS.

JOINING US ARE MAUREEN AMOS, EXECUTIVE DIRECTOR OF FINANCIAL AID AT NORTHEASTERN ILLINOIS UNIVERSITY .

IT WILL HOBART, EXECUTIVE DIRECTOR OF BOTTOM-LINE CHICAGO.

REPAYMENT PLANS STARTING AT THE END OF THE MONTH.

WHAT ABOUT STUDENTS WITH LOW DEBT AND WHAT SHOULD THEY CONSIDER?

>> WE HAVE ABOUT 30 MILLION PEOPLE WITH LOANS TO REPAY COME INSTITUTIONS AS A WHOLE HAVE BEEN TAKING IT IN SOUNDBITES.

ENCOURAGING THEM TO REACH OUT TO WHO THEIR SERVICER IS.

MANY WILL HAVE A NEW SERVICER.

MAKE SURE YOUR CONTACT INFORMATION IS UPDATED.

IF THEY OFFER WEBINARS , MAILERS, 15 TO 20 MINUTE WORKSHOPS ON DIFFERENT TOPICS , SOUNDBITES , HOW DO I CONTACT MIKE SERVICER AND UPDATE MY INFORMATION ?

>> LITTLE BIT AT A TIME?

>> YES.

>> WILL HOBART, YOU TAKE THE DEBT MINIMIZING APPROACH WITH THE STUDENTS YOU ADVISED.

HOW ARE THE STUDENTS FEELING ON TAKING ON STUDENT LOAN DEBT?

>> GREAT QUESTION.

A HALLMARK OF OUR WORK WITH STUDENTS WHO ARE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE IS HELPING THE FAMILIES UNDERSTAND COLLEGE AND WHAT IT LOOKS LIKE.

AND MAKING SURE THAT STUDENTS AND THEIR FAMILIES ARE MAKING INFORMED DECISIONS ABOUT WHERE TO GO TO COLLEGE, THE BEST ACADEMIC AND SOCIAL FIT, BUT VALUE PRICING THEIR EDUCATION IN WAYS THAT ARE AFFORDABLE.

>> MAUREEN AMOS , WE TALKED ABOUT THE PROGRAM BY THE PRESIDENT, HOW DOES THAT WORK?

>> IT IS SET UP BASED ON YOUR GUIDELINES THRESHOLD , SOME PEOPLE MAY NOT PAY ANYTHING.

OTHERS, BASED ON YOUR INCOME, HOUSEHOLD INCOME, THE MAXIMUM REPAYMENT IS 35 YEARS , IF YOU ARE STILL MAKING PAYMENTS -- >> DO YOU SEE THAT AND HOW IT CUTS PAYMENTS BUT MAYBE ACCELERATES FORGIVENESS ?

>> WE BELIEVE THIS IS IMPORTANT.

IN HELPING STUDENTS NAVIGATE REPAYMENT IN A SUSTAINABLE WAY.

WE ARE ENCOURAGED BY THINGS LIKE THESE.

IT MAKE SURE THAT STUDENTS , WHO GET THEIR FIRST JOB AFTER COLLEGE , CAN FIGURE OUT THE RIGHT PATHWAY SOME ARCHES AND CAREER PATHS WHERE THEY ARE NOT MAKING SIX FIGURES OUT THE GATE.

THEY NEED A NUMBER THAT MAKES SENSE.

AND TERMINATING AFTER A CERTAIN TIME.

>> SAME QUESTION FOR YOU, MAUREEN, WHAT ABOUT TRIMMING FROM THE BOTTOM UP APPROACH?

>> PEOPLE ARE AFRAID.

YOU HAVE STUDENTS WHO ARE ANGRY.

SOCIAL MEDIA GROUPS TELLING PEOPLE NOT TO PAY BACK THEIR LOANS.

YOU GET THE VALUE ISSUE.

STUDENTS ASKING IF EDUCATION IS WORTH IT.

I DON'T WANT TO BORROW.

I DON'T WANT TO BE IN THAT WHEN I GRADUATE.

IT PUTS THE ONUS ON THE INSTITUTIONS AS WELL TO HELP STUDENTS GET THE MOST FREE GRANTS AND SCHOLARSHIPS AS POSSIBLE.

APPLYING FOR SCHOLARSHIPS IS KEY TO KEEP THEIR DEBT DOWN.

>> HOW IS YOUR ORGANIZATION IMPACTED ?

>> GREATLY, INSTITUTIONS ACROSS THE COUNTRY ARE RECEIVING THESE , WHETHER YOU DON'T LIKE HER PROGRAM , YOU THOUGHT YOU WOULD BE WORKING, PEOPLE ARE FILING THESE CLAIMS.

>> THIS IS SAYING , I CANNOT PAY ?

I DON'T WANT TO PAY, I THINK MY LOAD SHOULD BE FORGIVEN BECAUSE I DID NOT GET A JOB IN MY FIELD OR MY SCHOOL TOLD ME THE COST WAS THIS.

BUT IT WAS THIS AND I ENDED UP BORROWING MORE.

SOME SCHOOLS ARE HAVING TO DEAL WITH THESE , WORKING WITH SENIOR LEVEL ADMINISTRATION, BECAUSE OF THE COMMUNICATIONS GOING TO THE PRESIDENT.

WE HAVE TO EXPLAIN WHAT THAT MEANS.

>> WILL , WHAT APPROACH WOULD YOU LIKE TO SEE THE JOE BIDEN ADMINISTRATION TAKE TO MAKE GOING TO COLLEGE MORE AFFORDABLE?

>> REALLY FOCUSING ON THE PELL GRANTS , MAKING SURE WE CAN INCREASE THE AMOUNT OF PELL GRANTS THAT ARE AVAILABLE TO STUDENTS.

IN ILLINOIS, WE ARE LUCKY TO HAVE THIS ACCESS.

SO WE CAN ALLOW STUDENTS TO FIND MORE WAYS TO AFFORD COLLEGE.

ANYTHING THAT ADMINISTRATION CAN DO TO MINIMIZE THE AMOUNT OF DEBT MAKES IT EASIER .

>> SHOULD BE AN INTERESTING