Republicans may not be very happy with the terms of the student loan repayment program proposed by President-elect Donald Trump, but students may be a lot happier with it than with any existing program.

The Washington Post reported that at a Columbus, Ohio rally in October, Trump said that the terms of his program would allow borrowers "to get on with their lives."

Payments would be tied to income and capped at 12.5 percent—higher than the current Revised Pay as You Earn (REPAYE), which caps payments at 10% of borrowers' incomes—but forgives remaining debt after 15 years. REPAYE's debt forgiveness doesn't begin until after 20 years of payment.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.