YourABA reports on the College Cost Reduction and Access Act, which was signed into law last month. The new law includes the income-based repayment program for public service:
Under the program, borrowers of student loans who are working in qualified public service would repay loans at an affordable percentage of their income and, after 10 years of service, would have the balance of their loans cancelled.
The program caps monthly payments at 15% of discretionary income.
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