Obama to Take Executive Action on Student Debt Monday

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obObama’s plans for education reform have not taken place all at once, but for students with loans he has announced the Pay as You Earn” student debt repayment plan.  This plan will be offered to as many as five million borrowers who had previously been ineligible for the plan.

The Pay as You Earn plan caps repayments on federal student loans at 10 percent of debtors’ monthly income, but is not currently available to those who have taken out older loans—those who took out loans before October 2007, or who stopped borrowing before October, 2011.

Obama will answer questions on tumblr about student loans and education costs.

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Picture by www.tuition.io.

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