Take this example: A borrower with $70,000 of federal student loan debt, an average interest rate of 5.5 percent and an income of $50,000 (growing 3 percent annually) would pay about $89,600 over the course of 20 years under a Pay As You Earn plan, introduced by the Obama administration in 2012.
Under Trump’s repayment plan, the same borrower would pay about $76,800 over the 15-year period before the balance is forgiven.
“Trump’s proposal is obviously very beneficial to the borrower in this example case, who saves nearly $13,000 with this proposed plan,” said Andy Josuweit, CEO of Stude…
Read the full article at: http://www.cnbc.com/2016/11/10/how-you-could-save-under-trumps-student-loan-repayment-plan.html
