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More Borrowers Enroll in Income-Based Repayment

August 21, 2015

The number of federal student loan borrowers enrolling in income-based repayment options grew by more than half over the past year, the Education Department said on Thursday.

As of June, nearly 3.9 million federal direct loan borrowers were enrolled in the plans, which the Obama administration has expanded and heavily promoted. That’s a 56 percent jump from last June.

Education Secretary Arne Duncan touted the increase as a success on Thursday.

“There’s more work to do, we won’t stop fighting to help people who are struggling to pay back their student loan debt,” he said in a statement. “But the fact that more and more borrowers are taking advantage of the opportunity to cap their monthly payments is a good sign.”

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Michael Stratford

Michael Stratford, Reporter, covers federal policy for Inside Higher Ed. He joined the publication in August 2013 after a stint covering the Arkansas state legislature for The Associated Press. He previously worked and interned at Kiplinger’s Personal Finance magazine and The Chronicle of Higher Education. At The Chronicle, he wrote about federal policy and covered higher education issues in the 2012 elections. Michael grew up in Belmont, Mass. and graduated from Cornell University, where he was managing editor of The Cornell Daily Sun.

Follow him on Twitter: twitter.com/mstratford.

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