Help for repaying student loans

Published: Sat, July 4, 2009 @ 12:00 a.m. NEW YORK (AP) — Repaying a student loan could soon be a little less painful. Starting this week, anyone with a federal student loan can apply for a program, run by the Department of Education, that caps monthly payments based on income, and forgives remaining balances after 25 years. Those choosing to work in public service could have their loans forgiven after just 10 years. Eligibility for income-based repayment (IBR) is determined by a person’s income and loan size. A calculator at www.ibrinfo.org can help borrowers determine their eligibility for the plan. “It’s a way to borrow for college without going to the poor house,” said Lauren Asher, president of the Institute for College Access & Success, a California-based nonprofit that runs the Project on Student Debt. The program... [read full story]                    

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