Trump Administration vs. Student Loans
Donald Trump is the President-elect of the United States. Now what? Well, one thing people keep questioning: “What does this mean for education?” Those who have followed the debates know Trump has been vague over what his major actions might be, but plans to mention his intentions in the near future. Answering most of the questions, his co-chair, Sam Clovis has taken over information regarding higher education, college costs, student loans, and accountability.
Student loans remain a major concern with many Americans. Trump believes local banks should be lending to local students. Therefore, he wants to move the government out of lending and restore that role to private banks. He wants colleges to play a role in determining loan worthiness on factors beyond family income, ensuring that colleges and universities have “skin in the game” when it comes to student loan default. For example, under this plan colleges should not be admitting students without confidence they will graduate in a reasonable time frame and find jobs.
One question that keeps arising: “How can borrowers save under Trump’s student loan repayment plan?” If campaign promises are upheld, some borrowers who took out federal student loans and use an income-based repayment plan may come out on top. No plan is ever perfect; the administration’s proposal comes with trade-offs. Additionally, borrowers will have higher monthly payments under the new repayment plan, but would have their student loan debt forgiven sooner. Here are some of the details:
- Borrowers contribute 12.5 percent of their income if they chose a repayment plan instead of 10 percent required under current repayment plans.
- After 15 years in a repayment plan, borrowers could have their debt forgiven.
- Currently, borrowers in repayment plans have to wait 20 years or 25 years to have their loans forgiven
Now, this plan may sound like an amazing idea, but how will he be able to succeed? Trump can do this without Congress. When it comes to creating a new repayment plan for federal student loans, this doesn’t require Congress to act. The Department of Education created new repayment plans under the Obama administration, Ex. Revised Pay As You Earn (REPAYE). “This could be implemented entirely through the regulatory process,” said Mark Kantrowitz, publisher and vice president of strategy at Cappex.com, which connects students with colleges and scholarships.
Trump’s campaign plan is to encourage colleges to focus on serving students who can succeed, but there are always risks. He has noted student loans must be significant enough for the lenders changing the way colleges decide whether to admit students and what programs they offer. This is what Trump’s co-chair had to say on the situation: “If you are going to study 16th-century French art, more power to you,” Clovis said. “I support the arts. But you are not going to get a job.”
The President-elect’s plan comes in to help higher education. The Republican platform calls for new systems of learning, including technical institutions, online universities, lifelong learning, and work-based learning in the private sector. Although Trump has been vague when it comes to this topic, there is a plan and his plan is to succeed.
[Whitepaper] Five Common Compliance Missteps of Financial Bloggers
Compliant digital content has become a hot topic in many financial blogger circles. We recently sat down with Phillip Taylor, CEO at FinCon, the peer conference for the financial media community, to discuss the industry’s key compliance pain points. Below are the five topics that bloggers need to manage to maintain compliance.
Ability to add URLs and Editorial Content
Financial Bloggers sometimes struggle managing their entire URL inventory because of tedious manual updates required on each link due to content or offer changes. To combat this process you may minimize the number of URL’s or those with editorial content—limiting the potential to drive additional revenue. This does not have to be the case. By using an automated compliance monitor, you can continue to develop and build on the number of URLs and content. Don’t be a slave to the process anymore. Spend time on what’s important: Increasing your presence and growing your revenue.
Credit Card or Offer Feeds
Keeping up with credit cards and their offers can be challenging. Some blogs have lender feeds incorporated directly into their site. While this makes being compliant easier, it can limit the material they want to present to their audience. Others will manually incorporate the information into their sites, which again requires continual discovery and maintenance as these offers can change on a monthly or even weekly schedule. Top industry bloggers have found compliance automation is the key to spending less time on discovery and more time adding blog content.
With the vast number of contracted publishers, affiliates and free publishers in the market, many bloggers struggle with maintaining an accurate inventory of their content and where it is located. Unlike larger companies or corporations that may hire compliance teams to review and maintain content, bloggers often are on their own to manage this task. Don’t be a slave to spreadsheets anymore. Identify strategies to automate your search for URL lists containing specific brands, content, or links.
Search Phrases and Link requirements
There are many variables on how content can be presented to stay compliant. Do you include links to drive traffic to other URLs? Creating an efficient system to display content regarding links and where they point creates additional challenges to the blogging industry. Compliance automation will not only pick up the link copy as shown on the URL, but can also display where it being directed. To assist with requirements for certain language before and/or after a link, seek technology that is smart enough to search and flag instances of potential deviations to the required content.
Bloggers must be mindful of exact wording and phrasing mentioned with offers. Include additionally required disclosures from other regulatory bodies such as the FTC, FCC, CFPB and State Attorney Generals. A good compliance monitoring partner will have rule sets to help you navigate policy and guidance to mitigate your risk.
Considering these five areas will help bloggers maintain compliance in this growing industry. Take control of your digital content to avoid compliance infractions and protect your brand. As you develop a process to manage this content, remember: consistency is key.
For more information on compliance monitoring, contact IntegriShield at 888-547-7110.
A Rise in the Trade Industry
In America, unemployment is twice as high for those with high school diplomas versus a 4 year college graduate. However, that doesn’t mean high school graduates need to spend the time or money on a 4-year school.
Millions of trade industry jobs are open and ready for those with specific job skills training, some even paying more than the average 4 year college graduate’s starting salary. Those from the baby boom era are coming close to retirement and more of these trade jobs will be available for millennials. There are around 600,000 electrician positions today and half of these will become available within 10 years. Baby boomers will be retiring from trades and America will need more young people trained to take over these positions. However, not enough young people will have the opportunity to gain the proper training due to the removal of vocational programs in high schools.
Thankfully, the private-sector colleges and universities are available to make up for the lack of encouragement high school students are receiving. Private-sector schools are a necessity to educate those in the trades industry since the skills that students learn are job specific and are usually taught by individuals that have worked in the field.
Private-sector schools have strengths over the typical 4-year state school. The faculty members are dedicated to watching their students succeed, often taking extra measures such as tutoring and one-on-one learning. Private-sector schools are focused on helping place graduates in jobs specific to the training they received. Small class sizes and hands-on learning are additional benefits to a student’s experience.
For millennials looking for an alternative to the expense and time of a 4-year state school, take a look into the trades industry. There are many opportunities to gain the job specific training needed and succeed in a fast paced industry.
For more information on the economic impact of trade jobs visit the Association of Private Sector Colleges and Universities’ Knowledge Center.
A Note from the President
Happy New Year! Looking back, 2014 was an exciting year for IntegriShield. We more than doubled our client base, grew our team significantly, expanded our software services and developed some fantastic new products for our clients. Relationships were strengthened as we continued to listen to our clients and understand the political and regulatory climate in which they operate. As with anything, we must look back to find our lessons, take note, and MOVE FORWARD!
Access to Results-Driven Experts
We have an exceptional team of professionals that work for IntegriShield—each is dedicated to the client’s needs and finds a solution to every problem. That is true professionalism and I am very grateful for the group that continues that make this a successful company. Many of them have been with the company since its inception, and the new faces have helped drive us harder into 2015. We have a culture in our company that lets the individual choose and create his or her career path. If you can think it, you can achieve it!
Setting Goals with Integrity and Innovation
Our success thrives on producing results for clients and we are on pace for 60% growth across the board. While these 2015 goals are aggressive, I remain confident that we will hit them. We can do this in the following ways:
- Put the client first.
We build solutions for our clients. If we continue to put them first and listen to different needs of each client, both parties will be destined for success.
- Continue to learn.
IntegriShield is also a consulting company providing insight for clients and others in the industry. We find opportunities to collaborate with thought leaders to enrich in the industries we serve. Visit our Webinars (opens in a new window) page to find out more!
- Go above and beyond.
Anyone can do just enough to get by, but IntegriShield has always been driven to do more. Work harder. Put in that extra hour. Do more research. Build one more product. We do not compete—we win.
IntegriShield has all of the tools necessary to put us over the top, which is an experience we are pleased to share with our clients. After careful preparation, the company is ready to absorb rapid growth. The processes are in place and the right staff dedicated to driving success is ready. I’m excited for 2015 and honored to be on board with them.
All The Best,