According to the Los Angeles Times, the Obama administration wants to offer more debt relief to student borrowers. In a recent article, it was noted that
As part of the White House’s “middle-class” aid initiatives unveiled today, President Obama proposed that students making payments under federal college loan programs would have monthly payments capped at 10% of income exceeding a “basic living allowance.”
That would lower the payment cap for qualified borrowers from the current maximum of 15% of income. The 15% maximum took effect in July under the government’s income-based repayment program, although some very-low-income borrowers are making no payments at all under that program.
As an example, the White House said, the 10% cap would mean ... to continue reading the full article, click HERE.
