986,494 Hispanic students would be affected
THE WHITE HOUSE Office of the Press Secretary
• Helping Responsible Students Manage Student Loan Debt: The Administration’s “Pay as You Earn” plan expands income-based repayment to enable 1.6 million responsible students who are current on their payments to take advantage of a new option to cap repayment of student loans at 10% of monthly income. These changes will reduce the burden of student loans in a fiscally responsible way.
• Expanding Education Tax Credits: President Obama established the American Opportunity Tax Credit in 2009 to assist families with the costs of college, providing up to $10,000 for four years of college, university, or community college tuition for families earning up to $180,000. Over 9.4 million students and families benefit from the American Opportunity Tax Credit each year. President Obama has called on Congress to make this tax credit permanent and prevent it from expiring in 2012.
Subsidized Stafford Loan Interest Rates:
Estimated Borrower Savings for Hispanics
Demographic Estimated Number of Borrowers Estimated Average Savings Per Borrower Over Life of Loan Total Savings of Collective Group
Hispanic Americans 986,494 $1,027 $1,012,862,160
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