Proposed Student Loan Plan Could Cut Some Payments in Half

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Currently there are four income-based repayment plans. The changes are being proposed to the Revised Pay As You Earn Plan. Here are the big changes:After 20 years of payments on undergraduate student loans, your remaining debt could be canceledBorrowers who have either undergraduate or graduate student loans would likely be eligible, however Parent PLUS loans would not be.

Defaulted loans are not usually eligible for income-based repayment plans, but the new proposal may allow those to be included. The proposed rule is still in its early stages. It remains in a 30-day public comment period and then there is a delay before new rules are allowed to go into effect. While some parts could be implemented by the end of the year,

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