'Pay as You Earn' to Start Dec. 21

December 7, 2012

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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