June 18, 2010
Updated Mar 31, 2010 at 6:11 PM EDT
WASHINGTON (Indiana's NewsCenter) - Sweeping changes to the way federal student loans are provided have taken effect after President Obama signed the fixes to the health care law.
The plan removes banks as middleman making an additional $60 billion in funding available to college students through Pell Grants.
Some features include: making it easier for some college graduates to repay loans after school by capping payments at ten-percent of their income, forgiving loans after 10 years for those in public service jobs after graduation and forgiving loans after 20 years for those in the private sector.
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