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June 9, 2014

Obama: Borrowers with Older Student Loans to Qualify for Reduced Payments

President Obama today announced plans to qualify an additional five million borrowers for lower student loan payments.  The president says individuals with older loans—those who borrowed before October 2007 or stopped borrowing by October 2011—will gain access to payments capped at 10 percent of their income.

The president also announced plans to renegotiate contracts with student loan servicers widely criticized failing to notify borrowers of all their repayment options.

But borrowers will have to wait until the end of 2015 for the changes to take effect, allowing time for the Department of Education to issue new regulations.

Read the Presidential Memorandum.

Questions?  We can ask the president directly!  President Obama answers questions live on Tumblr this Tuesday, June 10, 2014.

 

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