Income Based Repayment for student loans!

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Income Based Repayment for student loans!

posted 2 years ago in College

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219 posts

Helper bee

Rosiebear September 4th 2010 Somerville MA

Bees!

I just need to spread this info to any of you who are struggling with student loans! In January, I applied for the Income Based Repayment for student loans. Pres. Obama passed the bill last year to make this program happen. It caps your student loan payments at no more then 10% of your income above 150% of the poverty line for 20 years. My student loan payments were almost $800 each month (I make less then 40K) and they are now $311. I just got my letters this morning and I cannot begin to tell you how relieved I am. I just wanted to spread the word for anyone else who is struggling right now! This has totally changed our financial outlook. Thanks, Mr. President :)

If you want info, contact your student loan provider or use this website :http://www.ibrinfo.org

A ray of sunshine on another gloomy, rainy Boston day :)

2 years ago

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4,267 posts

Honey bee

roxy821 August 21, 2010

Thanks. Do you know if this just for government student loans?

2 years ago

Member

4,267 posts

Honey bee

roxy821 August 21, 2010

Sorry I looked and answered my own question.

I have 100k in private loans so this wouldn't help, wishful thinking. I'm glad that it's working for you.

2 years ago

Member

4,019 posts

Honey bee

jennifer_espos June 18, 2010 NYC

Thanks for sharing this! I saw the beginning of a news piece on this on cnn but I wasn't able to stick around and watch the whole thing. The piece also mentioned that people in some social service fields will be helped out tremendously, of course I have no idea how because I couldn't watch the rest. This is something sooooo many of us (including myself) need to look into ASAP! Thanks again :)

2 years ago