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A Proposal to Radically Simplify Student Loan Payments
March 24, 2014 /
The plan would change the default payment option from the standard 10-year term to a repayment schedule that’s tied to a percentage of the borrower’s income and eventually forgives the remaining balance after a certain period of time. It also suggests the payments be automatically deducted from a borrower’s paycheck, similar to the way Social Security is collected, an idea championed last year by Representative Tom Petri, a Republican from Wisconsin.
By Karen Weise
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Posted in: Education News
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