U.S. Department of Education Announces Availability of Additional Flexible Repayment Plan to Help Borrowers Manage their Student Loan Debt

Press Release

As part the Obama Administration's continued effort to give borrowers more and better options to manage their student debt, today, the U.S. Department of Education announced that all Direct Loan borrowers may enroll in the Revised Pay As You Earn (REPAYE) Plan. REPAYE, an expansion of Pay As You Earn, allows more student borrowers to limit the amount of their monthly federal student loan payments to 10 percent of their discretionary income.

"Helping student borrowers manage repayments so that loan debt is not a deterrent for pursing higher education has been a central theme for President Obama's higher education agenda since the beginning of this Administration," said Secretary of Education Arne Duncan." REPAYE is one of a number of key national economic policies this Administration has implemented to make America again the leader in college graduates in the world, while preventing student borrowers from facing unmanageable student loan debt."

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