Effective December 21st, the "pay as you earn" program will be implemented, allowing for modified Income Based Repayment (IBR) requirements for loans which were disbursed after October 2013. The new IBR scheme requires payments by borrowers of 10%, as opposed to 15%, of discretionary income. It also provides loan forgiveness after 20 years, as opposed to 25 years, of consecutive IBR payments.
The benefits of the plan fail to extend to millions of Americans riddled with student loan debt whose loans were fully disbursed prior to Octboer 2013.
This petition requests an extension of the "pay as you earn" program to those federal student loans fully dibursed prior to October 2013 that are otherwise eligible for IBR under the 15% scheme.
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