Wednesday, July 1, 2009, will be remembered as an foremost date in the battle for pupil loan debt reform and pupil debt help. That's the day on which the government's new Income-Based repayment Plan (Ibr) became available. Under Ibr, you might be able to substantially lower your monthly pupil loan repayments - you might even be able to cut them out entirely!
Ibr covers direct federal loans and federally-guaranteed pupil loans made through underground lenders. It does not matter, either the loan is old or new, either it was used for undergraduate, graduate, or job-retraining studies.
Loan Consolidation Programs
Under Ibr, you could see your monthly payments capped at rates realistically adjusted downward for your income. Remaining balances would be forgiven after 25 years. Better still, those who go into relatively low-earning fields, such as group service, could enjoy pupil loan debt forgiveness after only 10 years.
