"Pay as You Earn" student-loan program launches

11/5/2012 | Wall Street Journal, The

Eligible students who participate in a new, federal student-loan program will have their payments capped at 10% of discretionary income. Also, under the "Pay as You Earn" program, unpaid loans will be forgiven after 20 years. Currently, payments are limited to 15% of graduates' discretionary income, and loans are forgiven after 25 years. Eligible students can apply by the end of the year.

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