President Obama is expected to announce a new measure to provide student borrowers with debt relief, CNN reports:
Obama will expand the criteria for an alternative repayment program, which caps monthly payments for certain federal student loans at 10% of a borrower’s discretionary income.
The changes would allow an additional 5 million borrowers to qualify and will be available beginning in December 2015, the official said.
The alternative payment programs are designed to help borrowers struggling under the weight of student loans. They include forgiveness programs for on-time payments and public-sector employees. Teachers can have their balance canceled after ten years, for example. Low-income borrowers can have their balance canceled after 20 or 25 years of on-time payments…
25 years? If you haven’t paid off your loans by that time, maybe you borrowed to much to begin with.
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