Department of Education Announces New Student Loan Regulations

The Department of Education (ED) announced earlier this week two final regulations they say will protect students from unreasonable fees, safeguard taxpayer dollars and expand the income-based repayment plan to millions of Americans.

Addressing Student Loan Debt

In June of 2014, President Obama issued a Presidential Memorandum directing the Department of Education to propose regulations to ease the burden of student loan debt. Today’s publication of the Revised Pay As You Earn (REPAYE) Plan regulations responds to that directive by expanding repayment options to allow an additional five million Direct Loan borrowers to cap their monthly student loan payment amount at 10 percent of their annual income allocated per month, without regard to when the borrower first obtained their loans. The Department announced the proposed regulations earlier this year. In addition, the final regulations also include:

View this content by subscribing

Please register to unlock this content

I already have an account. Log in