Please Note: You must have flash enabled in your browser to view our stickynote messages.
New Programs Announced from the U.S. Department of Education
On October 26, 2011, President Obama announced a series of steps that the Administration will take in an effort to make college more affordable and to make it easier for students to repay their federal student loans. The steps are intended to help support students who are overwhelmed by their debt burdens or those may feel discouraged from enrolling in college due to the cost. The launch of the Department of Education's programs is being coordinated with new student loan initiatives by the Consumer Financial Protection Board. The three major initiatives include:
- Allow some borrowers to cap their student loan payments at 10% of discretionary income ("Pay As You Earn")
- Offering some borrowers the opportunity for the Special Direct Consolidation Loan
- Provide consumers with better information to make college selection decisions ("Know Before You Owe" & "Student Debt Repayment Assistant")
For more information about these new programs, visit: http://www.whitehouse.gov/the-press-office/2011/10/25/fact-sheet-help-americans-manage-student-loan-debt.