Student loan debt is weighing on retirement savings.

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And it’s hitting multiple generations—not only aremillennials drowning in college debt,their parents signed on to help their kids with student loans,while some older workers are still paying off their own loans yearslater.

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The lure of a college education cannot be denied, especiallywhen one considers the statistics on what that diploma is worth.The White House pointed out in a recent blog post that “bachelor’sdegree recipients [earn] $1 million more in their lifetime andassociate’s degree recipients [earn] $360,000 more, compared totheir high school counterparts.”

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Still, it’s tough to amass thousands of dollars in debt with noclear path toward repayment.

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Toward that end, the Council of Economic Advisers pointed to newactions being taken by the White House to further help “the morethan 40 million Americans with student loan debt understand theirrepayment options and access high-quality customer service, strongconsumer protections, and targeted support to repay their studentdebt successfully.”

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Here’s a look at 5 of those actions.

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Photo: Getty

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1. Increasing the goal for PAYE-type planenrollment.

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The Pay As You Earn (PAYE) program and other income-drivenrepayment plans are getting a boost, with the administration’s newgoal to enroll two million more borrowers in plans like PAYE bythis time next year.

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Among the actions being taken to achieve this goal areimprovements in loan servicing and customer service, better toolsand resources, targeted outreach to borrowers, and partnershipswith key external organizations under the Student DebtChallenge.

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Photo: Getty

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2. Launching StudentLoans.gov/Repay.

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Student loan repayment options are complex, and it can be toughto figure out the best options available.

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So the U.S. Digital Service and the Department of Education’sOffice of Federal Student Aid have launched StudentLoans.gov/Repay to help drive students to theirbest repayment option in five steps or less.

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“Built mobile-first, and using human-centered design,” the WhiteHouse said, the website “was designed to make repayment informationas easy to understand as possible.”

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Photo: AP

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3. Creating stronger consumer protections through newstandards for student loan servicing.

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The Department of Education and Department of the Treasury, withinput from the Consumer Financial Protection Bureau (CFPB), came upwith three areas to boost student loan borrower rights andprotections:

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1. Providing accurate and actionable information about accountfeatures, borrower protections, and loan terms.

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2. Establishing expectations for minimum requirements forcommunication and services provided by student loan servicers,including adequate and timely customer service.

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3. Holding loan servicers accountable for fixing errors, beingresponsive to borrowers, and resolving problems by ensuring thatborrowers, federal and state agencies, and regulators and lawenforcement officials have access to appropriate channels ofrecourse when violations of federal or state consumer financiallaws occur.

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Photo: Getty

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4. Providing better loan disclosureinformation.

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The CFPB is developing a student loan payback playbook thatwould provide student loan servicing disclosures and provideborrowers personalized information to better understand theirrepayment options and find a monthly payment they can afford.

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Currently the agency is seeking comment on the playbook, whichwill be finalized by the Department of Education with the CFPB’sinput.

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Photo: Getty

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5. Improving student loan counseling.

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The Department of Education is working to improve the timing andcontent of current loan counseling efforts, including entrance andexit counseling, to help students make better borrowing decisions,increase college completion, promote successful loan repayment, andreduce delinquencies and defaults.

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The Department is also working on a loan counseling experimentto evaluate various counseling tools and techniques that go beyondstatutorily required entrance and exit counseling.

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