Total student loan debt owed by Americans is now
The Memorandum signed by the president directs the secretary of Education to propose regulations within one year that "will allow additional students who borrowed Federal Direct Loans to cap their Federal student loan payments at 10 percent of their income." It is estimated that up to
The PAYE limits monthly student loan payments to 10 percent of annual discretionary income, with any remaining debt forgiven after 20 years. To be eligible for the PAYE you must have a partial financial hardship determined by whether the amount you would owe under a standard 10 year repayment plan is greater than the amount you would pay under the PAYE.
Newly eligible borrowers will be able to take advantage of the new program by
More information on the PAYE Program and other repayment programs may be found at https://studentaid.ed.gov/repay-loans/understand/plans
CC AutoTriage9as-140612-30Furigayjane-4763928 30FurigayJane
Most Popular Stories
- Americans Still Pessimistic Despite Economic Growth
- Bogdanovitch Delivers Laughs With 'She's Funny'
- Labor Day Travel Up, Gas Prices Down
- Nintendo Launching 'Amiibo' Toy-game Franchise
- U.K. Raises Terror Threat Level to 'Severe'
- Apple to Unveil New Items on Sept. 9
- Parra Joins Exclusive Club of Hispanic CEOs
- Canada, Russia Go to War (on Twitter)
- Axxis Solutions Appoints Benites as CEO
- Obama Puts Ukraine Violence on Russia