U.S. Panel Begins to Draft Rules on Loan Repayment

February 25, 2015

WASHINGTON -- A federal panel on Tuesday began a set of negotiations aimed at drafting new regulations to expand the availability of income-based student loan repayment to more borrowers. The negotiated rule-making committee, which the U.S. Education Department announced in December, is charged with carrying out President Obama's June 2014 memorandum that would make an additional 5 million existing student loan borrowers eligible for the federal government’s most generous income-based repayment program, Pay as You Earn. The panel, whose members include consumer and student advocates, college financial aid administrators and lending officials, will aim to reach an agreement on how to achieve the administration's goals over three months of meetings.

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