President Obama signs an executive order on Monday expanding the ?Pay As You Earn? program, increasing the number of student loan borrowers who are eligible to cap their payments at 10 percent of their monthly income. Also, under the plan, the balance of a loan would be forgiven after 20 years ? and just 10 years if the borrower works in public service. This move gives an additional 5 million students the same option others were given under earler changes.
Office of Strategic Communication