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Income-based payment becoming a high priced treatment for education loan financial obligation

Student loan debt is approaching the $1.5 trillion mark

Whenever Congress established the income-driven payment for federal student education loans back 2007, it had been touted in an effort to assist education loan borrowers conserve money by capping monthly obligations at a specific percentage of a borrower’s earnings.

Since that time, education loan financial obligation has increased from US$500 billion to where it is currently approaching the $1.5 trillion threshold. Читати далі…