Attention college students and new graduates; Uncle Sam is making it a little easier for strapped borrowers to repay their federal student loans.
The Department of Education today approved rules for a new “pay-as-you-earn” loan repayment plan. The plan is designed for new graduates having trouble finding jobs that pay enough to support their loans.
The rules also make the older “income-based repayment plan” accessible to more student loan borrowers. Both plans adjust payments to fit a borrower’s income. Read more on St. Louis Post-Dispatch.