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Student Loan Payments May Come Directly Out Of Your Paycheck In The Future
According to Fox29, your student loan payments could reportedly be automatically deducted from your paycheck every month if a new proposal from Republican Sen. Lamar Alexander actually becomes a law.
Alexander laid out his vision in a speech earlier this month, looking to completely overhaul the system for financial aid and student loan repayments. A move that could ultimately affect up to 40 million borrowers, who owe a collective $1.5 trillion in outstanding student loan debt.
Alexander proposed a repayment plan based on a borrower’s income. It would never require the borrower to make payments of more than 10 percent on their income, he said.