President Flynn Featured in News 12 Bronx Story on President Obama’s Executive Action to Ease Student Debt
College of Mount Saint Vincent President Charles L. Flynn was featured in a News 12 Bronx story on President Obama’s executive action to expand the “Pay as You Earn” student debt repayment plan. The program will be extended to as many as five million student loan borrowers who had been previously ineligible to benefit from the plan.
Those who borrowed through the federal government before 2007 will be able to pay no more than 10 percent of their income in monthly payments, to repay college loans. The plan also calls for allowing employed college graduates to refinance their outstanding loans at lower interest rates.
President Flynn was supportive of the “Pay as You Earn” initiative as a means to ease the financial challenge graduates face in repaying student loans at exorbitant rates.
“Graduates in their 20s seeking to make their way in the world, or seeking to start families, or seeking to go to graduate school — debt’s tough — and to limit the burdens of debt is a great thing,” Dr. Flynn said. “20 years at 10 percent of a salary is better than more, but it’s not nothing.”