President Obama yesterday announced several executive actions related to student borrowing, including on to improve loan counseling that mentions NASFAA by name as a partner in that effort. Included among the actions is a planned extension of the Pay As You Earn (PAYE) repayment option to approximately 5 million additional borrowers whose dates of borrowing exclude them currently. The PAYE option caps monthly payments at 10 percent of discretionary income, setting monthly payments on a sliding scale based upon income. Any remaining balance is forgiven after 20 years of payments, or 10 years for those in certain public service jobs.
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