Obama to Expand Program Easing Student Loan Repayments
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President Barack Obama ordered the Department of Education to expand a program to ease student loan repayments for about 5 million more 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. Obama’s order would widen the eligibility to people who took out loans before October 2007. The new rules would take effect in December 2015.