A considerable number of potential clients have approached me regarding collection attempts for their student loan debt. We know that federally guaranteed student loans enjoy special enforcement powers.
With this heightened power came a heightened affinity to charge fat fees when private banks are involved. Obama recognized another opportunity to stop giving billions of extra dollars to banks at the expense of struggling workers trying to re-pay their loans. For example, the new law allows students to cap repayments at 10% (from 15%) of income above a basic living allowance. However, this relief will not start until 2014.