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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