Obama Administration Expands Efforts to Help Americans Manage Student Loan Debt

ED announced a proposal to make student debt more manageable by providing an additional six million federal loan borrowers access to student loan payments capped at 10% of income. The proposal contains other improvements, including creating a streamlined process to identify military service members who are eligible for lower interest rates and requiring guaranty agencies to provide Federal Family Education Program borrowers who rehabilitated their defaulted loans with information on repayment plans.