Student Loan Payback Program Implemented

Last year the Obama administration directed the Department of Education to impose caps on federal education loan repayments. The program — known as the “Pay As You Earn” program — mandates that those who qualify are not required to make student-loan payments exceeding 10 percent of their income. After a yearlong rulemaking process, the program has finally been implemented as of December 21. “We know that higher education is one of the keys to ensuring our economic competitiveness in the 21st century,” said Congressmember Lois Capps, who’s made affordable education one of her priorities. “That’s why we need to make sure going to college is more affordable and that earning a degree doesn’t overwhelm our nation’s young people with debt after graduation.”