Two-thirds of four-year undergraduates leave college with debt, and many students are graduating without a job, so making loan payments will not be easy. Now there may be a solution.
Beginning tomorrow July 1, a new repayment plan, Income Based Repayment (IBR), will kick into effect for the major types of federal loans made to students. Under IBR, the borrower’s required monthly payment is capped at an amount that is meant to be affordable based on income and family size.
If your federal student loan debt is high relative to your income and family size, you may be eligible. You can use the IBR calculator to estimate if you will benefit from the new plan. To apply for IBR, contact the lender or lenders who hold your student loans.
For more information:
http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp
Comments
Hopeful, this will ease the defaults on student loans.Thank you Tracey for all the info you and your team has given to us.
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