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.
- Despite student debt concern, income-based repayment lags
- President Obama proposes to link student aid to new ratings of colleges
- Obama administration Pay As You Earn expansion will cost $9 billion
- Federal rule-making panel OKs plan to expand income-based repayment program
- Obama expands income-based repayment to older borrowers, pushes Democrats’ student loan refinancing bill
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