Akkam’s RazorI don't do personal that often, which is why I've never become a D-tier internet celebrity.

Today’s  Philadelphia Inquirer has a story which highlights the newest changes regarding student loan repayment:

A federal law went into effect this month that allows people to adjust student-loan payments based on their income. The program limits monthly payments to 15 percent of the difference between the debtor’s income and 150 percent of the federal poverty guideline.

After 25 years of qualifying payments, any remaining debt could be forgiven.

The story is long on anecdote of one Pennsylvanian’s experience with loan debt and also reveals some of the reasons why Pennsylvanians pay more.  Unfortunately, none of the resources mentioned in the article are hyperlinked.  You can check your eligibility at IBRinfo (using their online calculator – note that the program is dependent on income and not debt) and get information from Pennsylvania lender AES at YouCanDealWithIt.

Tags: borrowing, calculator, college, credit, debt, eligibility, federal, guaranteed, IBR, income based repayment, student loan, university

This entry was posted on Thursday, July 9th, 2009 at 9:59 am and is filed under Consumer Behavior, Education, Uncategorized. You can follow any comments to this entry through the RSS 2.0 feed. You can leave a comment, or trackback from your own site.