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He admits he was naïve in not checking the repayment terms on his mortgage, which he sought in a hurry to buy the house he coveted in 2008, a time when newly listed homes were often being snapped up within days.
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To get a clearer picture of how the REPAYE plan could impact your monthly payments, we recommend checking out the Repayment Estimator for yourself.
So it is worth checking the penalties imposed for early repayment before signing up as a result.
For starters, he points out that if you are not in some kind of income-driven repayment program (check the Education Department's website for the names of all of the different ones), you're not going to benefit from forgiveness and there's a good chance that your payments don't qualify.
Credit card companies are imposing higher delinquency fees, stepping up collection efforts and checking on repayment histories.
Once the fixed-rate period comes to an end, the threat of an early repayment charge may also disappear but lenders vary so you need to check the terms of your mortgage carefully.
Although the interest starts at 1.75%, lenders are checking that repayments can be met at up to 4%, meaning that someone borrowing the maximum £240,000 would have to show that they could afford to pay £800 a month on top of their mortgage and other outgoings.
If you want to see how extending the repayment option will affect you, check out this calculator from FinAid.
The mortgage market review (MMR) brought in new affordability tests for borrowers, with lenders examining outgoings as well as incomes and checking that monthly repayments could be afforded even at a higher interest rate.
Wonga was required to write off the debts because the FCA found that it had granted the loans without checking people could afford the repayments.
The repayment rate is 99.04 per cent".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com