The expansion of the government’s Pay-As-You-Earn (PAYE) program for student loan borrowers will not make much of an impact on the performance of loans backing securitizations, according to a comment Tuesday by Fitch Ratings.

On Monday President Obama announced that his administration would relax a rule that restricted PAYE to only borrowers who started taking out loans in 2007 and took out their last loan in October 2011. The move could boost the number of eligible borrowers by as much as five million.

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