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Student Loans Forgiveness Upsurge

RePaye Student Loan Program.jpg

Last year President Obama created an executive order aimed to allow more borrowers to use the pay-as-you-earn program or Repaye. The program was designed to help people with student loans repay their debt. Within the last few months there has been a growing concern regarding the economic impact of student debt across America.

According to Tampa Bay Times, "nearly 70 percent of graduating college seniors had student loans, and their average debt was more than $28,000."

Obama's administration is looking to expand the program eligibility to another 5 million borrowers. If borrowers gain access to the repayment plan, their monthly payments will be taken partly from their income.

The updated version of the repayment plan will be available to people with federal direct student loans. The Tampa Bay Times says "participants will have their monthly payments capped at 10 percent of their discretionary income."

As for undergrad loans, the balance remaining will be forgiven after 20+ years and grad school loans forgiven after 25+ years.

Rules for the plan are expected to be finalized by November 1, and people will be able to apply and enroll possibly before the end of 2015. The Education Department is currently reflecting public opinions while drafting and revising the repayment plan.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Tampa Bay Times | Student Loan Program

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