The SLIP act is aimed at protecting consumers of higher education loans from potential loss of future financial stability. In response to the growing amount of student debt in the US, President Obama, and other congressional leaders have attempted to ease the economic strain for graduates. However, one issue that still plagues students with high education debt is access to credit lines due to the high cost of education. Now, new rules offered by the CFPB restrict total mortgage borrowing to a 43% income/debt ratio. If the amount of student loan debt reported to credit bureaus for credit scoring was capped at the highest rate allowable to be paid back under current repayment initiatives, students with high education debt could still thrive even if they can't use these new initiatives.
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