Struggling to pay your federal student loans and the rest of your living expenses?
Starting July 1, some college graduates will be able to get lower loan payments under the federal government's new Income Based Repayment Plan, which calculates monthly payments based on a person's income and family size.
The program will be open to graduates who have a Stafford, Graduate PLUS or consolidation loan made under either the William D. Ford Federal Direct Loan or Federal Family Education Loan programs. The loans could be for undergraduate, graduate or professional studies as well as for job training. (Loans currently in default, parent PLUS loans and consolidation loans that include a parent PLUS loan don't qualify.)
"If you're earning a lot less than you thought you would short term or long term, you can make affordable payments on your loan, stay in good standing and have a light at the end of the tunnel," says Lauren Asher, president of the Project on Student Debt, a consumer group based in Berkeley, Calif.
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