Lodi, WI Wisconsin
6/30/2009
Madison, Wis. People struggling to make student loan payments may find welcome relief beginning July 1, when a new income-based repayment option becomes available. This new option allows certain lower income borrowers with federal student loans, regardless of when they first borrowed, to make monthly payments based on how much they earn, rather than the amount they owe.
The new income-based repayment option is available to all qualifying borrowers with federal Stafford, Grad PLUS, and Consolidation loans that are in good standing. Eligibility is set by the federal government based on income information the borrower is required to provide their lender each year. For those who do qualify, as their income rises, so too will their monthly payments.
More information about income-based repayment, including a calculator to estimate eligibility and payments, is available at www.ibrinfo.org.
Contact: Amy Kerwin
608-246-1785
emailto:akerwin@glhec.org
