Students, grads and their parents are facing changes in the student loan program. Rates are up for new subsidized Stafford loans; efforts in Congress to restore the old 3.4-percent rate for new loans are being stalled.

Interest on most of the loans starts sooner, accruing as soon as students graduate, though they still get a six-month grace period on repayment. Since July 2012, grad students no longer qualify for subsidized Stafford loans; interest starts accruing right away, though repayment can be deferred until six months after graduation. PLUS loans for grad students and parents carry a higher rate, and standards for such loans have been tightened.

Repayment plans are easing. Since the end of 2012, under Pay As You Earn—if you qualify—the amount to be paid is based on income, the percentage of income owed is lower, and after 20 years, the remainder of the loan is forgiven.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.

http://www.nickersonpa.com/