Student Loan Reform 101
What the new law, shoehorned into the health care bill at the eleventh hour, means for college kids.
If your parents' combined income is less than $50,000, you qualify for a Pell Grant (PDF), and your yearly scholarship will increase by as much as $425.
Community colleges and historically black- and minority-serving schools will get grants totaling $4.5 billion to use at their discretion.
Once you finish school, your loan payments can be no more than 15 percent of your monthly salary. Students borrowing after 2014 will have to set aside only 10 percent of their paycheck for loans.