White House: Over 40,000 Conn. Borrowers Would Benefit From Obama Student Loan Proposal

by Categorized: higher education, Washington Date:

More than 41,000 students in Connecticut would benefit from President Obama’s recent expansion to a federal student loan program.

The Pay as You Earn program caps monthly loan payments for certain student debtors at 10 percent of their income, and the president signed an executive order Monday that extends eligibility to an additional five million students nationwide. White House data released Tuesday shows that 41,833 federal student loan borrowers in Connecticut would benefit.

An estimated 508,000 borrowers in Connecticut owe $11,724,735 in federal student loan debt, according to the White House.

Sens. Blumenthal and Murphy, along with Sen. Elizabeth Warren, D-MA, introduced a measure last month to allow borrowers with outstanding student loan debt to refinance at lower interest rate. U.S. Dept. of Education data shows that bill would benefit an estimated 309,000 Connecticut debtors.

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