New Federal agenda Eases Bite of Repaying pupil Loans

Student Loans Income Based Repayment - New Federal agenda Eases Bite of Repaying pupil Loans

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The government has rolled out a new agenda that pegs repayment of college loans to income: the revenue Based repayment Plan, or Ibr. Ibr applies only to direct federal loans or secret loans subsidized by the government.

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Student Loans Income Based Repayment

In other good news, new federal Stafford loans now have a lower interest rate of 5.6 percent, down from 6 percent. Congress has mandated that the rate drop to 3.4 percent by 2012.

Given the economic climate, when so many college graduates are struggling to find jobs before that first cost comes due, the originate of the Income-Based repayment Plan (Ibr) is especially welcome. It is meant to make monthly payments affordable by bringing them in line with your revenue and family size.

If you're a modest wager earner, then Ibr will adjust your monthly cost to no more than 15%  of your income. For some, it could be even less, even nothing.

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