For young people who live in Portland and are struggling with repaying student loan debt, a new program could be a lifeline. The program, called the Revised Pay as You Earn program (REPAYE), caps student loan payments at 10 percent of discretionary income. Discretionary income is calculated as the difference between the adjusted gross income on the tax return and 150 percent of the current poverty level. The program also has loan forgiveness for those who have made payment for 20 years, or 25 years for graduate students.

The program is open to all students who have taken out federal student loans. No program will fit everyone. Those with low incomes might make too little for their payments to cover principal and interest, for example. Borrowers should check with a qualified student loan counsellor before signing up

It is hoped that this program will help people feel unable to make major financial decisions because of heavy student debts. Many in the millennial generation are putting off home buying because of student loan burdens. If you dream of owning Portland property, this program or one of the other federal student debt assistance programs may help you achieve your dream and live in Portland in a home you own.