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This exciting news could open up graduate school to a new range of students.

By Ben Feuer

Good news for graduate students who take on huge amounts of student debt (AKA, all graduate students), especially for law school, business school and medical school.  President Obama looks set to expand a program called PAYE, which should cut their debt payments and shorten the window until student debts are forgiven.

From the article -- 

All borrowers with federal student loans are already eligible for a program calledIncome Based Repayment, which reduces a monthly bill to 15 percent of discretionary income. The executive order would extend eligibility in a similar program, known as Pay as You Earn, to further reduce monthly payments to 10 percent of income. In its current form, PAYE is available only for borrowers who took out their first loans after 2007 and borrowed as recently as October 2011. The executive order on the table would get rid of those exclusions.

This is exciting news, especially for lawyers choosing to work in the non-profit or government sectors, business school students pursuing startup dreams, or medical school students working as family doctors or internists.  But it's even more exciting for people currently thinking of applying to top schools, as it widens the range of choices available, and makes money (somewhat) less of a factor in the final decision.


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