'Pay as You Earn' to Start Dec. 21
December 7, 2012 - 3:00am
The new "Pay As You Earn" program, which lowers the amount that student loan borrowers pay per month in the income-based repayment program from 15 percent of discretionary income to 10 percent, and forgives loans after 20 years rather than 25, will go into effect on Dec. 21, according to a notice in today's Federal Register. Final rules for the program were issued in November.
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