Trump's student debt plan caps repayment at 12.5 percent, forgives after 15 years

NEW YORK, Oct. 14 (UPI) -- Republican presidential candidate Donald Trump has unveiled his plans for American students who borrow money for college and struggle to pay it back.

Trump's plan would cap repayment of student debt at 12.5 percent, an increase from the 10 percent that currently exists under President Barack Obama's plan.

Additionally, Trump's proposal would forgive any remaining loan amounts for students struggling to repay debt after 15 years -- five fewer than the 20-year term that is presently in place. The standard repayment plan for federal loans is 10 years.

"If borrowers work hard and make their payments for 15 years, we'll let them get on with their lives," Trump said during a speech in Ohio Thursday.

Many analysts have noted that Trump's repayment plan is fundamentally similar to Obama's income-driven repayment program.

"Students should not be asked to pay more on their loans than they can afford and the debt should not be an albatross around their necks for the rest of their lives," Trump added. "And that's what it is."

Trump's challenger, Democrat Hillary Clinton, has pledged to streamline the existing program.

Clinton and fellow Democrat Bernie Sanders have also promised to institute a free college tuition program.