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NEW YORK — There's a legitimate way to shrink those student loan payments.
In coming weeks, the most recent crop of graduates will start receiving their monthly bills as the six-month repayment grace period comes to an end. That's likely causing anxiety for those still struggling to get their careers off the ground.
To help ease the financial distress, federal Education officials in recent weeks have been raising awareness about an underused program intended to lessen the burden for borrowers who don't earn a lot. The program, called Income-Based Repayment, captured the national spotlight when President Barack Obama announced a plan last week to speed up a law that will make it more forgiving.
The renewed attention is expected help increase participation rates; the Department of Education says only 450,000 are enrolled, although it's estimated far more of the 36 million borrowers in repayment would qualify in today's bleak economic climate.
Stephanie Holstein, who graduated from the University of Notre Dame eight years ago with $30,000 in federal loans, says the program was an enormous help at a time in her life when money was tight. When she applied two years ago, she and her husband had just had twin daughters. She was only working a few days a week and he had his own Business ; their combined income was about $35,000. That enabled Holstein to have her monthly payments waived.
Sallie Mae launches new income-based repayment plan for student loans
RESTON, Va., June 17, 2009—Sallie Mae, the nation’s leading saving-, planning- and paying-for-education company, today announced a new repayment plan to help eligible federal student loan customers substantially lower their monthly payments.
The new “income-based repayment” option, or IBR, which was authorized by federal law to begin on July 1, will enable federal student loan customers experiencing financial difficulty to cap their monthly bill at 15 percent of their discretionary income. IBR also allows eligible customers making qualifying payments to extend from the standard 10-year term to up to 25 years, after which any remaining balance will be forgiven.
For example, a new college graduate with an entry-level job at $31,000 and $31,000 in federal Stafford loans would pay approximately $170 less per month compared to the payment due under the standard plan.
“Sallie Mae is committed to providing students not only with the resources needed to invest in higher education, but also with the tools to help them succeed afterward,” said Albert L. Lord, CEO. “We are pleased that our value-added IBR seminars have assisted students on all types of college campuses, including Direct Lending schools. This is another example of how competition leads directly to enhanced services for students and schools.”