Today President Obama will announce his plans to expand the criteria for an alternative repayment program to help student borrowers manage their debt. The program which begins Decembet 2015 caps monthly payments for certain federal student loans at 10% of a borrower's discretionary income.
The alternative payment programs include forgiveness programs for on-time payments and public-sector employees. Teachers have options to have their balance canceled after ten years, and Low-income borrowers can have their balance canceled after 20 or 25 years of on-time payments.
For more information http://money.cnn.com/2014/06/08/pf/college/obama-student-loans/index.html?hpt=hp_t2
The alternative payment programs include forgiveness programs for on-time payments and public-sector employees. Teachers have options to have their balance canceled after ten years, and Low-income borrowers can have their balance canceled after 20 or 25 years of on-time payments.
For more information http://money.cnn.com/2014/06/08/pf/college/obama-student-loans/index.html?hpt=hp_t2
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