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Article: Program to target low earners with student loans: ; Option would cap monthly payments based on income and forgives balances after 25 years
- Article from:
- Charleston Daily Mail
- Article date:
- June 29, 2009
- Author:
CopyrightCopyright 2009 Charleston Daily Mail. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - 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 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.ibr info.org can
help borrowers determine their eligibility for the plan, which
becomes available Wednesday.
"It's a way to borrow for college without going to the poor
house," said Lauren Asher, president of the Institute for College
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