No hardworking American should go broke from student loans. That’s why today, the Department of Education announced an expansion of the Pay As You Earn loan repayment plans (PAYE) that will help bring relief and make it easier for millions more Americans who arestruggling with student loan debt. Under PAYE plans, if you’re a borrower who needs help with your debt, you can reduce your monthly payment to as low as $0 and you’ll never have to pay more than 10 percent of your income towards student loan payments.
We’re doing everything we can to get the word out.Today, Mint –a personal financial management tool — sent an email from President Obama to young Americans with student loans who use Mint to make sure they heard the news.
We need your help to spread the word, too. And don’t just take our word for it: Find out just how much your monthly payments could be cut with this repayment estimator.
This is just one of the many ways President Obama has worked to help Americans get a college education without being burdened with a mountain of debt. The President has also:
- Doubled investments in college scholarships by expanding Pell Grant and the American Opportunity Tax Credit programs
- Made student loans more affordable by cutting interest rates and launching PAYE sostudent borrowers cancap student loan payments at 10 percent of income
- Called for two years of free community college for responsible students
Laura Miller is Deputy Director of Engagement for the Office of Digital Strategy.
Josh Miller is Director of Product Management for the Office of Digital Strategy.