Ensuring That Student Loans are Affordable
“Let’s tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years –- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college.” – President Barack Obama, January 27, 2010
- More than 1 million borrowers would be eligible to reduce their monthly payments.
- The payment will be reduced by more than $110 per month for a single borrower who earns $30,000 a year and owes $20,000 in college loans, based on 2009 figures.
- Public service workers – such as teachers, nurses, and those in military service – will see any remaining debt forgiven after 10 years.
Tags: student loan aid
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