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Pay as You Earn Program

Floor Speech

Location: Washington, DC

Mr. COURTNEY. Mr. Speaker, while the whole world is waiting to see whether the House Republicans say ``yes'' to extending middle class tax cuts, President Obama, on Friday, moved ahead with following through on a campaign promise to help people with student loan payments which are at record-high levels.

The Pay as You Earn program, starting next Friday, will accept applications to cap repayment at 10 percent of discretionary income. So, for example, an individual with $30,000 in income and $26,000 in debt will see their monthly payments drop from $166 a month to $110 a month.

Individuals can contact the U.S. Department of Education's Web site to apply for this assistance or call your Member of Congress. And while you're at it, tell them to extend middle class tax cuts, sign on to the Walz bill, and let's get away from this fiscal cliff.

Congratulations to the President for following through for young Americans to make sure that they're going to get needed help to pay for college.

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