Obama to Expand Program Easing Student Loan Repayments – Bloomberg
President Barack Obama will order the Department of Education today to expand a program that would ease student loan repayments for about 5 million people.
Under a 2010 “Pay as You Earn” law, borrowers make repayments of no more than 10 percent of their monthly income. The benefit applies only to those who started borrowing after October 2007, shortly before the recession began. The executive order would widen the eligibility to people who took out loans before October 2007.