Weatherford Opinion

June 17, 2014

Fixing student loans may be a challenge

Student loans are once again in the news, with the Obama Administration proposing to add some five million individuals with outstanding loan balances to the Pay as You Earn (PAYE) plan. The plan caps student loan payments at 10 percent of income, and loan balances disappear after 20 years (10 years for persons working in the public sector). Most students now taking out loans can already access PAYE, but many of those with older loans have not been eligible. In addition, many students with loans are unaware of the PAYE option. The new proposal would enhance both the availability of the program and efforts to make students aware of its existence.

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