An Executive Memorandum expanding eligibility for the Pay As You Earn (PAYE) federal student loan repayment program was created allowing students who borrowed Federal Direct Loans to cap their Federal student loan payments at 10 percent of their income.” The PAYE limits monthly student loan payments to 10 percent of annual discretionary income, with any remaining debt forgiven after 20 years. To check eligibility for the PAYE Program and other repayment programs click on https://studentaid.ed.gov/repay-loans/understand/plans Newly eligible borrowers will be able to take advantage of the new program by Dec. 31, 2015.
Posted on: Thu, 12 Jun 2014 13:57:14 +0000
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