"President Obama’s plan to cap student loans could substantially lower payments for thousands of UC Irvine graduates and provide a powerful incentive to students considering a job in public service.
If Congress responds to Obama’s push in last night’s State of the Union address, the new rules could dramatically reduce monthly loan payments as early as next year for millions of former students across the country.
A graduate owing $30,000 and earning $25,000 a year, who might otherwise owe $345 a month, would see their monthly payment capped at $73. And if they worked in government or for a non-profit organization, whatever portion of the loan that remained unpaid after ten years would be forgiven."
If Congress responds to Obama’s push in last night’s State of the Union address, the new rules could dramatically reduce monthly loan payments as early as next year for millions of former students across the country.
A graduate owing $30,000 and earning $25,000 a year, who might otherwise owe $345 a month, would see their monthly payment capped at $73. And if they worked in government or for a non-profit organization, whatever portion of the loan that remained unpaid after ten years would be forgiven."
