The new plan caps monthly student loan payment amounts at 10 percent of the borrower's discretionary income. (cityandstateny.com)
§ Applications will not be accepted without a monthly loan payment amount and one year of payment history. (thecollegeinvestor.com)
This differs from a variable rate mortgage where a borrower has to contend with varying loan payment amounts that fluctuate with interest rate movements. (investopedia.com)