Back on October 25, 2011, the Obama Administration proposed an updated "Pay-As-You-Earn" plan aimed at capping certain student loan borrowers’ loan payments at a fixed 10% of their discretionary income.
Under this proposal, borrowers paying under this new plan would also be eligible to have their remaining loan balance forgiven after making 20 years of on-time payments. This promised eventual student loan relief to those struggling to repay their education loans.
But progress has stopped, as the new Pay-As-You-Earn plan, including borrower and loan eligibility, has yet to be finalized. The Ed.gov websites reports that until the proposal goes through the negotiated-rulemaking process, the new rules do not apply.
Why it takes months for much-needed student loan relief to reach the Average Joe or Average Jane is a sad state of affairs in our economy. Sadly, politicians are still playing games with the lives of people who are struggling to get out from under the burden of their student loans.
Let's hope that student loan relief eventually comes to those who need it most.
In the meantime, check out these links on FindHow2.com:
How To Have College Loans Forgiven
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