New Income Based Repayment (IBR) Plan for Federal Student Loans
Part of a package of proposals outlined by the White House Task Force on Middle Class Families last month (January 25, 2010) was a proposal to enhance the Income-Based Repayment (IBR) plan, which was enacted as part of the College Cost Reduction and Access Act of 2007 and became available on July 1, 2009. The proposed improvements involve capping student loan payments at 10% of discretionary income and discharging student debt after 20 years in repayment.
1 comment February 25th, 2010