Department of Education Expands Income Based Student Loan Repayment Plans

The Department of Education has expanded its income based student loan repayment plans.  The new plan will allow up to 5 million borrowers to cap their monthly payment at 10% of their income.  Until now, this option was only available for student loans taken out after 2007 and was only available to those whose debt was significantly greater than their income.  The Department of Education is also taking aim at banks aggressively marketing high fee debit cards to college students.

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