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Latina Lista: News from the Latinx perspective > Local News > West > “Pay as You Earn” program to make student loan repayment easier for young people

“Pay as You Earn” program to make student loan repayment easier for young people

Amigos805.com

WASHINGTON, D.C. –Congresswoman Lois Capps (CA-23) on Dec. 21 announced the implementation of the Obama Administration’s “Pay as You Earn” program.

The Administration’s “Pay as You Earn” proposal will reduce monthly loan payments by capping them at 10 percent of discretionary income to make loan repayment more manageable for recent graduates, Capps reported in a media release. Additionally, ten and 20 year loan forgiveness may be available to borrowers who successfully meet their monthly payments as a part of the “Pay as You Earn” plan. To learn more about the “Pay as You Earn” plan and to find out if you are eligible, click here.

“We know that higher education is one of the keys to ensuring our economic competitiveness in the 21st century. That’s why we need to make sure going to college is more affordable and that earning a degree doesn’t overwhelm our nation’s young people with debt after graduation,” Capps said. “Unfortunately, years of budget cuts at the state level are shifting a larger and larger portion of the cost of higher education on to our students and their families, making it especially important for the federal government to step up and offer help. The implementation of President Obama’s plan will put more money in the pockets of borrowers on the Central Coast, reduce the risk of default, and encourage more job creation by increasing consumer demand…

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