Obama To Help Low Income Graduates With Student Loans
President Obama plans to allow lower payments and more loan options at lower rates for borrowers to pay off student loans.
Most of the 450,000 low-income student-loan borrowers currently enrolled in income-based payment must pay 15 percent of their discretionary income for 25 years before having their debt forgiven, although terms are easier for those in public service.
The lower caps of the new program were scheduled to go into effect for new borrowers in 2014, but, [Domestic Policy Council director Melody] Barnes said, “because we know the frustration of crushing loan burdens, we have to act now.”
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