New Federal Program Offers Debt Relief on Student Loans

Education Secretary Arne Duncan, and Melody Barnes

The Administration has announced a new “Pay As You Earn” plan that will reduce monthly payments for current college students and borrowers. The program will offer students the chance to limit loan payments to 10 percent of their discretionary income starting in 2012. The Administration is also planning to offer student borrowers the chance to better manage their debt by consolidating their federal student loans.

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October 26, 2011
Episode Guests
Arne Duncan is the U.S secretary of education appointed by by President Barack Obama. Melody C. Barnes was chosen by President Barack Obama to serve as the Director of the Domestic Policy Council for his administration. She was previously Executive Vice President for Policy at the Center for American Progress.
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