President Obama Helping Student Loan Borrowers
Today CNN Money announced President Obama is expanding a program that helps student loan borrowers manage that debt. This new program will cap monthly payments at 10% of the borrower’s income. What this program hopes to do is help borrowers who are struggling with paying back their loans.
The program also includes forgiveness for on-time payments and people who work in the public sector. For example, teachers can have their student loan balance cancelled after ten years of service. Low-income borrowers can have their balances canceled after 20-25 years of on-time payments. On today, President Obama will discuss student loan debt and other education topics on Tumblr.
