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Updated: 9:07 PM Jun 29, 2009
New student loan repayment program
If your income can't keep up with your student loans, there may be help from a new program Posted: 3:48 PM Jun 29, 2009Reporter: Sarah Stokes Email Address: sarah.stokes@weau.com |
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You could cut your student loan payments starting in July.
It's called the Income Based Repayment Program.
It's designed to have your payment based on your income and the size of your family, not how much you owe. It's for federal student loans, but the government says you should call your student loan provider to see if you qualify.
Another bonus with the IBR program, is that if your monthly payment amount doesn't cover the interest, the government will pay the difference for three years after you start. However, if you cut the amount of your payments, the federal government says you may end up paying more interest in the long run.
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