(6/8/14):

Hi Heather! I recently read an article (http://www.foxnews.com/politics/2014/06/08/obama-prepares-to-take-executive-action-expanding-student-loan-program/?intcmp=latestnews) that President Obama will be expanding the PAYE program to allow access for more borrowers. I am currently on IBR, but it seems PAYE would be a much better option for me, but under the current rules, I am not eligible.

Do you know what the new information regarding PAYE will be, and the date it will take place for people to take advantage of?

Update (6/9/14): I watched some of the Obama briefing this morning, and he did announce some changes for PAYE and sign what they called a “Presidential Memorandum on Reducing the Burden of Student Loan Debt”. So, it seems there is something in the works to make it available to more borrowers. I have done a bit more reading, and it seems like it wont take effect until 2015. Is that true? If so, why the wait—-I want to try and take advantage of it now, and not wait!

Update (6/9/14): The Presidential Memorandum as now been published here for the public: http://www.whitehouse.gov/the-press-office/2014/06/09/presidential-memorandum-federal-student-loan-repayments

It seems that the DOE has until DEC 2015 to get the changes done. Any chance you think this will happen earlier? Why are they making us wait 1.5 years to have access to it?

Do you have any more insight into the changes, date, etc? Any info at all you know?

Thanks so much,

BRAD

It’s frustrating that it will take so long.  The regulatory process involves negotiated rulemaking which does take some time, but could probably be done faster in my opinion.  I think they’ll stick to this timeline.  As proposals are made, I’ll be sure to update the blog.