The California Association of Private Postsecondary Schools (CAPPS) is dedicated to spreading the word about the role of private post-secondary education and represents the many diverse kinds of schools in California. For more than 25 years, CAPPS has been actively engaged at all levels of government to ensure our members' voices are heard and our issues are addressed. With more than 300 institutions, CAPPS member schools are helping students of all ages, backgrounds and skill-levels achieve their dreams and secure stable employment. All CAPPS member schools and colleges are nationally or regionally accredited or approved-only.

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Starting Date Is Set for Obama’s ‘Pay as You Earn’ Student-Loan Plan

Posted on December 6, 2012 by CAPPS

The Chronicle of Higher Eduction – December 6, 2012

Eligible borrowers of federal student loans will able to enroll in President Obama’s “Pay as You Earn” program starting on December 21, the Department of Education is expected to officially announce on Friday.

The new income-based repayment plan caps monthly loan payments at 10 percent of a borrower’s discretionary income. After 20 years of payments, the government will forgive the loans. Now the Education Department’s income-based repayment program caps monthly loan payments at 15 percent of discretionary income, with loan forgiveness after 25 years.

The program will accept enrollees who were new borrowers after October 1, 2007, and who also took out a loan on or after October 1, 2011.

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The California Association of Private Postsecondary Schools (CAPPS) is dedicated to spreading the word about the role of private post-secondary education and represents the many diverse kinds of schools in California. For more than 25 years, CAPPS has been actively engaged at all levels of government to ensure our members' voices are heard and our issues are addressed. With more than 300 institutions, CAPPS member schools are helping students of all ages, backgrounds and skill-levels achieve their dreams and secure stable employment. All CAPPS member schools and colleges are nationally or regionally accredited or approved-only.