The White House should lower loan repayments for all student loan borrowers by allowing existing borrowers to enroll in the Pay As You Earn Plan. Currently, only new borrowers can enroll in this plan. This creates a disparity between the repayment rate of NEW borrowers and EXISTING borrowers. Implementing this petition would allow ALL borrowers to reduce their monthly loan repayment to 10% of their discretionary income. Allowing all borrowers to cap their student loan repayments at 10% is the right thing to do and is good for the economy.
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