Making Student Loans Manageable
Published Date: 07-01-2009 09:51 PM CT
A new federal program could ease the stress on students...and their bank accounts.For the first time, income will play a factor in how students repay their loans...It's a new payment option that makes it easier for students to pay back loans as they enter the workforce.Income Based Repayment loan payments will be less than 10 percent of graduates' income - and even smaller for borrowers with low earnings.And after 25 years, IBR will forgive any remaining debt.Kristin Anenson says, "A lot of people choose their careers based on how much they're going to be in debt out of school... so this will help."School officials say with the new program, some students will feel less pressure to leave college with a high paying job... and instead may pursue a career in something they're more passionate about... even if it pays a little less.
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