President Barack Obama signed a Presidential Memorandum on Monday, June 9, making as many as five million more people eligible for the “Pay as You Earn” student debt repayment program.

The program sets a cap on student loan payments at 10 percent of monthly income. It also erases outstanding debt if a balance remains after as few as 10 years, depending on income and occupation. There are also other federal repayment plans available.

St. Mary’s University offers a variety of scholarships and financial aid. After gift aid is applied, self-help aid can be used for the balance. For more information, please view the student loan repayment options and use our net price calculator.

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