New Obama Income Based Repayment Plan

Under the Income Based Repayment program that began in 2007, former students can enroll to cap student loan payments at 15 percent of their discretionary income if they pay on time. In 2009, Obama lowered the cap to 10 percent for borrowers starting in 2014. Last fall, he announced an executive action to speed things up to lower the cap to 10 percent by the end of 2012.

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Default Prevention Specialist since 1998.
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