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loan repayment program. New borrowers who assume loans after July 1, 2014, will be able to cap their student loan repayments at 10 percent of their discretionary income and, if they keep up with their payments over time, will have the balance forgiven after 20 years.
· Includes $2 billion over four years for community colleges to develop, improve, and provide education and career training programs. President Obama also asked Dr. Jill Biden to host a White House Summit on Community Colleges this fall to provide an opportunity for community college leaders, students, education experts, business leaders, and others to share innovative ways to educate our way to a better economy. Click HERE for a link to a video from the Second Lady, Dr. Jill Biden.
Starting July 1, all new federal student loans will be direct loans, delivered and collected by private companies under performance-based contracts with the Department of Education. According to the non-partisan Congressional Budget Office, ending these wasteful subsidies will free up nearly $68 billion for college affordability and deficit reduction over the next 11 years.
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