Help Is on the Way for Student Loans
Original Source: http://www.abcnews.go.com
Author: David McPherson
Original Publication Date: 23 June 2009
Relief is just around the corner for the many young Americans who struggle under the weight of student-loan debt.
On July 1, a new federal program aimed at easing the monthly burden on college graduates making hefty loan payments on modest salaries. The new Income Based Repayment plan is supposed to cap monthly payments at an amount considered affordable based on income and family size.
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For most eligible borrowers, payments will amount to less than 10 percent of their income, according to the Project on Student Debt, a nonprofit group that operates a Web site explaining the program.
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