The administration doesn’t currently know how much the expanded payment cap will cost
Obama Calls Out ‘Millionaires’ to Pay for Student Loans
Using his pen again in “this year of action,” President Obama today took executive action to ease the burden of student debt at the expense of “millionaires.”
The program, “Pay as You Earn,” expands an existing federal loan option available to undergrad and graduate students. It issues caps on monthly loan payments at 10 percent of the borrower’s discretionary income and forgives their remaining balance after 20 years.
For those working in public service or the government, any remaining debt is forgiven after 10 years. An estimated 5 million more borrowers will become eligible under the new plan. Before today, only those who took out loans after 2007 were entitled to “Pay as You Earn” benefits.
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The Heritage Foundation is the nation’s most broadly supported public policy research institute, with more than 453,000 individual, foundation and corporate donors. Heritage, founded in February 1973, mission is
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